Lendbuzz Named 2023 “Best Consumer Lending Platform” in Seventh Annual FinTech Breakthrough Awards Program
The prestigious International Awards Program recognizes outstanding financial technology products and companies
BOSTON, March 23, 2023–(BUSINESS WIRE)–Lendbuzz, the AI-based fintech company revolutionizing the auto finance market, announced today that it has been selected as the winner of the 7th annual “Best Consumer Lending Platform” award.th annual FinTech Breakthrough Awards, conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the best companies, technologies and products in the global FinTech market today.
Beyond credit scores, Lendbuzz’s proprietary AI algorithms consider a loan applicant’s financial and income history—as well as spending patterns and other data—to establish creditworthiness. This ground-breaking credit model does not rely on a long credit history or a requirement to have been in the US for years, which allows Lendbuzz to offer car loans to more people – to the benefit of both the borrower and the lender.
Since its founding in 2015, Lendbuzz has added hundreds of dealer partners to its dealer portal, a tool that makes the credit application process easier to manage for finance managers. This improves and expands consumers’ access to their financing products.
The company has also continued to develop new versions of its credit scoring engine used to generate compelling financing terms with more accurate risk prediction than other widely available personal credit scores.
“Unfortunately, a lack of credit history in the United States leads to little 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, CEO, FinTech Breakthrough . “Lendbuzz’s products are a breakthrough solution that addresses this challenge, meeting the needs of a wide range of often underserved borrowers, from those with no credit history to those with fair to good credit scores by going far beyond the traditional credit scores used to calculate a borrower’s risk. Congratulations to the Lendbuzz team for changing the car 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 FinTech innovators, leaders and visionaries from around the world across 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 around the world.
“It’s a thrill to be listed among the FinTech Breakthrough Winners’ circle for 2023. Our goal is simple: to use new and proprietary technologies to expand access to credit. Consumers who need a vehicle to get to work, work or just live their lives need credit. These borrowers typically have solid financial and employment histories, and would otherwise be seen as good candidates for loans – but they are either denied access to credit outright, or steered into bad loans with punitive terms. We can redress this imbalance through our technology,” said Lendbuzz co-founder and CEO Amitay Kalmar. “We are proud to have provided hundreds of millions of dollars in vehicle financing to tens of thousands of deserving borrowers who would otherwise have been unserved or underserved by existing underwriting processes, including a large majority who had no significant U.S. credit history.”
About Lendbuzz
Lendbuzz is a financial technology company that uses alternative data and machine learning algorithms to better assess consumer credit risk when purchasing a vehicle. Lendbuzz supports the success of their dealer partners through consumer loans that help these dealers reach a wider customer base, along with competitive floor plan options that help them grow their business. 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 worldwide, the FinTech Breakthrough Awards program is dedicated 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.
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Contacts
Contact for Lendbuzz
Steve Francisco, CMO
[email protected]
