Lendbuzz, an auto-lending AI-based fintech company, has closed a $187.95 million securitization collateralized by a pool of retail automobile contracts made to obligors and secured by new and used automobiles, light duty trucks and vans. This transaction, Lendbuzz’s first securitization of 2023, and third since launching the program, follows a period of record-breaking success for the company.

LBZZ 2023-1 issued three classes of notes: Class A-1, Class A-2, Class B, which Moody’s Investors Service (Moody’s) and Kroll Bond Rating Agency (KBRA) rated as NR/K1+(sf), A3/A+(sf), and Baa3/BBB+(sf).

Through this issuance Lendbuzz continued to diversify its base with new investors, which is a testament to the strength and growth of the program. J.P. Morgan acted as lead bookrunner and structuring agent, with Goldman Sachs as joint bookrunner.

“Our ability to attract and retain such a diverse mix of institutional investor partners is particularly notable in the current market environment,” said George Sclavos, chief financial officer at Lendbuzz. “We are grateful for their continued support, which also better positions us to originate loans that unlock the power of financial opportunity for a growing number of consumers and dealerships.”