Lendbuzz secures $150 million line of credit

auto finance platform Rend Buzz secured a $150 million line of credit from JP Morgan And use it to expand the number of borrowers you serve.

This is the second line of credit the investment bank has extended to fintech, the first in January, Lendbuzz said on Tuesday. press release.

“We are pleased with the trust JP Morgan has shown to Rendobas by entering this facility,” said Rendobaz CEO. Amitai Kalmar mentioned in the release. “This relationship is a key part of our growth strategy, expanding our capacity and ability to originate loans that unlock the power of financial opportunities for a growing number of consumers and merchants.”

According to a press release, the Lendbuzz platform is powered by artificial intelligence (AI) and machine learning (ML), allowing the company to assess the creditworthiness of consumers with little or no credit history.

Lendbuzz said it is now increasing auto loan originations by more than 100% year-over-year, enabling financial solutions for consumers and offering a more diverse customer base to auto dealerships.

According to PYMNTS research, nearly two-thirds of consumers want to improve their credit score, but don’t know how.

Read more: A third of consumers think their credit is better than it actually is

Consumers believe that a good credit score and established credit history are essential to obtaining loans and credit cards, and they seek help understanding how to better manage and improve their scores. I’m here.credit score literacy and building credit reportin collaboration with PYMNTS elan (a division of US Bank).