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Headquartered in Boston, the car financing service Lendbuzz Funding LLC was able to raise $30 million in financing. The funding round was led by BHI, the U.S. division of Israel-based Bank Hapoalim, by U.S.-based ConnectOne Bank and by Viola credit, the growth and venture lending arm of Israel-based Viola Group.
Lendbuzz is a car financing platform using machine learning to help consumers with thin U.S. credit history to obtain car financing.
Lendbuzz has partnered with auto dealerships to offer loans to consumers with sparse U.S. credit history, such as international students and expats. The 2015-founded company, which currently offers its services in most of the U.S., says it reviews loan requests within 24 hours and transfers money immediately upon approval. Since its establishment, the company has raised $43 million in both debt and equity funding.
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Lendbuzz uses machine learning and statistical algorithms to analyze the borrower profiles and assess credit risk, Mr. Raviv, CTO of lendbuzz said in a statement.
The company will use the funding to grow its platform, said the CEO of the company, Mr. Amitay Kalmar in a statement.
See Also: Financial Services Review
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