Lendbuzz Named 2023 “Best Consumer Lending Platform” in 7th Annual FinTech Breakthrough Awards Program

Prestigious International Awards Program Recognizes Outstanding Financial Technology Products And Companies

BOSTON--(BUSINESS WIRE)--Lendbuzz, the AI-based fintech company that is revolutionizing the auto finance market, today announced that it has been selected as winner of the “Best Consumer Lending Platform” award in the 7^th annual FinTech Breakthrough Awards, conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in the global FinTech market today.

Going beyond credit scores, Lendbuzz’s proprietary AI algorithms take into consideration a loan applicant’s financial and income histories—as well as their spending patterns and other data—to establish creditworthiness This breakthrough credit model doesn’t depend on long credit history or a requirement to have been in the United States for years, empowering Lendbuzz to offer vehicle loans to more people - benefiting both borrower and lender.

Since their founding in 2015, Lendbuzz has onboarded hundreds of dealership partners onto their dealer portal, a tool which makes the credit application process simpler for finance managers to manage. This, in turn, improves and expands consumer access to their financing products.

The company has also continued to develop new versions of their credit scoring engine used to generate compelling financing terms with more accurate risk prediction than other widely available personal credit metrics.

“Unfortunately, a lack of credit history in the U.S. leads to little to or no access to products and services others take for granted – including car loans, credit cards, and other financial products that are integral to building a successful life,” said James Johnson, Managing Director, FinTech Breakthrough. “Lendbuzz's products is a breakthrough solution that addresses this challenge, meeting the needs of a wide range of often underserved borrowers, from ones with no credit history to those with fair to good credit scores by going well beyond the traditional credit scores used to calculate a borrower’s risk. Congratulations to the Lendbuzz team on changing the auto financing game and being our choice for ‘Best Consumer Lending Platform’ in 2023.”

The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from across the globe.

“It’s a thrill to be listed among the FinTech Breakthrough Winners’ circle for 2023. Our goal is simple: to use emerging and proprietary technologies to broaden access to credit. Consumers who need a vehicle to get to work, do work, or simply live their lives need credit. These borrowers usually have robust financial and work histories, and would otherwise be seen as great candidates for loans - but are either denied access to credit outright, or are steered into bad loans with punitive terms. We’re able to correct this imbalance through our technology,” said Lendbuzz co-founder and CEO Amitay Kalmar. “We’re proud to have provided hundreds of millions of dollars of vehicle financing to tens of thousands of deserving borrowers who otherwise would be unserved or poorly served by existing underwriting processes, including a large majority who had no appreciable US credit history.”

About Lendbuzz
Lendbuzz is a financial technology company using alternative data and machine learning algorithms to better assess consumer credit risk when purchasing a vehicle. Lendbuzz supports the success of their dealership partners through consumer loans that help those dealers reach a broader client base, together with competitive floor planning options that help them grow their businesses. 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 excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.