Lendbuzz Wins “Consumer Lending Innovation Award” in 9th Annual FinTech Breakthrough Awards Program

Prestigious Annual Awards Program Recognizes Outstanding Financial Technology Products and Companies Around the World

BOSTON--(BUSINESS WIRE)--Lendbuzz, an AI-based fintech company that provides consumers with better access to credit when purchasing a vehicle, today announced that it has been selected as winner of the “Consumer Lending Innovation Award” in the 9th annual FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market today.

Lendbuzz provides auto loans to a wide range of car buyers, from those with no credit history at all, to people who are just starting to build their credit, as well as near-prime consumers. Lendbuzz utilizes proprietary Artificial Intelligence Risk Analysis (AIRA) technology that analyzes thousands of data points to determine credit worthiness. AIRA speeds up the overall process and, by analyzing massive amounts of data that legacy credit scoring ignores, it can expand a dealership’s pool of customers.

A major factor in Lendbuzz winning the award is the launch of Express Contract, a feature that can identify and fast-track loan applications that meet certain criteria. Available even outside of normal business/underwriting hours, it can cut up to 130 minutes out of the process, allowing qualified loan applications to be approved and contracted in under three minutes.

“Lendbuzz offers a fresh process that’s appealing to both borrowers and lenders who prioritize transparency and speed. The legacy-based approach in the consumer lending industry has limitations that are fast becoming more evident. From the standard FICO model to a lack of transparency, the loan process is often slow and opaque, especially for consumers,” said Steve Johansson, Managing Director, FinTech Breakthrough. “Lendbuzz’s AIRA technology combined with their other time-saving features is significantly reducing the time it takes for a car dealer to close a loan and opening up loan qualification to a long under-served population. It’s our pleasure to award Lendbuzz with the ‘Consumer Lending Innovation Award!’”

“Since we founded Lendbuzz 10 years ago, we’ve stayed focused on improving the vehicle loan process for dealers and their customers alike. We’ve succeeded at this by relentlessly refining our ability to accurately assess a borrower’s credit risk, and by speeding up the process everywhere we can.” Said Lendbuzz co-founder and CEO Amitay Kalmar. “To have our platform, our process, and new features like Express Contract recognized by FinTech Breakthrough is an honor, and sets a bar that we’re excited to exceed as we continue to deliver a better loan experience for our dealerships and their customers.”

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 to no 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 FinTech Breakthrough*
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring breakthrough innovation in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the standout achievements of FinTech companies and products in categories that include Payments, Personal Finance, Cryptocurrency, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.

*Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.