Lendbuzz Completes $262 Million Asset-Backed Securitization

BOSTON--(BUSINESS WIRE)--Lendbuzz, an AI-based fintech company that helps consumers obtain better access to credit when purchasing a vehicle, announced today that it has closed a $262 million securitization (“LBZZ 2024-3”) collateralized by a pool of auto loans made to obligors and secured by new and used automobiles, light duty trucks, and vans.

LBZZ 2024-3 issued four classes of notes: Class A-1, Class A-2, Class B, Class C. The LBZZ 2024-3 notes have been rated by S&P Global Ratings (S&P) and Kroll Bond Rating Agency (KBRA) as NR/K1+, AA/AAA, A/AA- and NR/A-, respectively.

Goldman Sachs & Co. LLC acted as lead bookrunner and structuring agent, with J.P. Morgan Securities LLC and RBC Capital Markets, LLC as joint bookrunners; Mizuho, MUFG, and Regions Securities LLC acted as co-managers.

“We are thrilled to have successfully executed our largest ABS transaction to date with extremely strong overall subscription levels,” said George Sclavos, Chief Financial Officer at Lendbuzz. “The depth of interest from investors speaks to the strength of our credit story and collateral performance. We have added 27 new investors to the platform this year alone.”

This transaction is Lendbuzz’s eighth public securitization since launching the program three years ago. To date, the company has completed more than $1.4 billion of asset-backed securitizations and remains committed to growing the program as part of its diverse funding strategy.

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.