Lendbuzz signs $125 million credit facility with RBC

By William Gullotti

Buffalo, N.Y., May 10 – Lendbuzz closed a new $125 million credit facility with Royal Bank of Canada, according to a press release on Wednesday.

Facility proceeds will be used as additional warehouse capacity to support continued loan origination growth.

As previously reported, the company most recently signed a $150 million credit facility with JPMorgan in November 2022.

“Our ability to grow originations with credit worthy customers in the midst of tremendous shifts in both the automotive retail and financial industries is a testament to our continued focus on exceptional underwriting and credit decisioning,” remarked George Sclavos, chief financial officer of Lendbuzz, in the release.

Further details, such as tenor and interest rate, were not disclosed in the press release.

Based in Boston, Lendbuzz is an AI-based auto finance platform focused on serving consumers with limited credit history.

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