Lendbuzz Inc, the AI-based fintech company that is disrupting the automotive lending industry, announced today that it has closed a $219 million securitization collateralized by a pool of auto loans made to obligors and secured by new and used automobiles, light duty trucks, and vans. This transaction is Lendbuzz’s first securitization of 2024, and the sixth since launching the program.

Lendbuzz Securitization Trust 2024-1 (“LBZZ 2024-1”) issued four classes of notes: Class A-1, Class A-2, Class B, and Class C. The LBZZ 2024-1 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 book-runner and structuring agent, with J.P. Morgan Securities LLC and RBC Capital Markets, LLC as joint book-runners; Regions Securities LLC acted as co-manager.

“This was an incredibly successful transaction for Lendbuzz with a first-time AAA rating, which is a testament to the Company’s focus on strong credit performance,” said George Sclavos, Chief Financial Officer at Lendbuzz. “We look forward to continuing to expand our asset-backed lender investor base, having added 12 first-time investors to the platform on this deal.”

Lendbuzz remains committed to growing its asset-backed securitization program and expanding its asset-backed lender investor base, helping to provide additional liquidity for asset-backed lender investors and maintaining a diverse financing strategy for Lendbuzz. The additional capacity will allow Lendbuzz to continue on its mission to offer fair access to credit for underserved populations.