![](https://www.citybiz.co/wp-content/uploads/2021/06/Lendbuzz.jpg)
BOSTON–(BUSINESS WIRE)–Lendbuzz, an AI-based fintech company that helps consumers obtain fair access to credit when purchasing a vehicle, announced today that they have executed a $330 million forward flow facility with funds managed by AB CarVal, an established global alternative investment manager.
The funds raised will be used to expand the number of borrowers Lendbuzz’s proprietary AI-based auto finance platform serves. Powered by alternative data and machine-learning algorithms, Lendbuzz is able to assess the creditworthiness of consumers across the credit spectrum, many of whom are underserved by traditional banks. Additionally, Lendbuzz offers its consumers a modern, digital lending experience.
“We are excited to partner with AB CarVal, an experienced asset manager with a deep understanding of structured credit. This transaction continues our focus on diversifying our investor base and expanding our sources of committed capital,” said George Sclavos, Chief Financial Officer at Lendbuzz. “We believe our strategic relationship with AB CarVal continues to drive Lendbuzz’s mission to offer fair access to credit for underserved populations and allows us to remain at the forefront of utilizing artificial intelligence and machine learning in consumer credit.”
“We are pleased to partner with Lendbuzz given their strong credit performance and market-differentiating underwriting capabilities,” said Angie Fenske, principal with AB CarVal. “This transaction supports Lendbuzz’s strong growth and enables funds managed by AB CarVal to pursue performing consumer loans as part of its diversified portfolio.”
This commitment from AB CarVal demonstrates the confidence Lendbuzz’s partners have in the platform, and the Company’s growth and credit performance over time.
About Lendbuzz
Lendbuzz is an AI-based financial technology company that helps consumers obtain better access to credit when purchasing a vehicle. Powered by alternative data and machine learning algorithms, Lendbuzz can assess the creditworthiness of consumers with limited credit history—a group underserved by traditional banks. Through our auto dealership partners, Lendbuzz offers consumers attractive financing solutions while opening up opportunities for those dealerships to serve a more diverse customer base. Lendbuzz is headquartered in Boston, Massachusetts and was founded in 2015.
About AB CarVal
AB CarVal is an established global alternative investment manager and part of AllianceBernstein’s Private Alternatives business. Since 1987, AB CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $146 billion in 5,715 transactions across 82 countries. Today, AB CarVal has approximately $16 billion* in assets under management in corporate securities, loan portfolios, structured credit and hard assets. Since 2017, AB CarVal has deployed over $4 billion in clean energy investments. Additional information about AB CarVal may be found at www.abcarval.com.