Lendbuzz, an innovative AI-based fintech firm, has finalized a $219 million asset-backed securitization, backing it with auto loans.
This milestone marks its first securitization of 2024 and its sixth overall, showcasing the company's progressive impact on the automotive lending industry.
The securitization, named Lendbuzz Securitization Trust 2024-1 (LBZZ 2024-1), issued four classes of notes, diversifying its investment appeal.
These notes, spanning from Class A-1 to Class C, received ratings from S&P Global Ratings and Kroll Bond Rating Agency, highlighting the trust’s robust credit quality.
Goldman Sachs lead this deal, guiding it as the main architect, while J.P. Morgan and RBC Capital Markets stepped in as key partners. Regions Securities added their expertise as the co-manager, bringing everyone together for a seamless transaction.
This collaboration underscores the financial industry's confidence in Lendbuzz's business model and its future growth trajectory.
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George Sclavos, CFO of Lendbuzz, expressed his enthusiasm, said:
"This was an incredibly successful transaction for Lendbuzz with a first-time AAA rating, which is a testament to the Company’s focus on strong credit performance.
We look forward to continuing to expand our asset-backed lender investor base, having added 12 first-time investors to the platform on this deal.”
Conclusion
Lendbuzz's commitment to growing its securitization program and expanding its investor base is clear. The company's mission to offer fair access to credit for underserved populations is furthered by this latest financial achievement.
Notably, Lendbuzz was Founded in 2015 and headquartered in Boston, Massachusetts, continues to leverage AI and alternative data to revolutionize the auto lending market, providing financing solutions through its auto dealership partners.
