Lendbuzz, a fintech company that aims to disrupt the existing car financing market using machine learning algorithms, announced today that it secured an additional $150 million in debt and equity financing. The equity funding round was led by 83North with significant participation from existing investors. The debt funding was led by BHI, ConnectOne Bank, IDB Bank, Viola Credit and a large insurance company. This raise follows a $30 million debt funding round that was completed only 12 months ago.

Lendbuzz's financing model -- powered by machine learning and proprietary algorithms -- allows it to better assess the creditworthiness of consumers with limited U.S. credit history, who are underserved by traditional banks despite their potentially high creditworthiness. Operating within the auto lending space, the company partners with auto dealerships to offer customers attractive financing solutions. Lendbuzz's unique solution helps consumers to obtain financing when purchasing a car which in turn also helps build their U.S. credit score. The company enables auto dealerships to close on additional business opportunities which otherwise would have been lost and serve a more diversified client base. In 2018, Lendbuzz's loan origination grew 320 percent, and the company increased its dealership network across the country to include key markets, such as California and Florida.

According to various estimates, more than 43 million foreign born nationals live in the U.S., of which 27 million are working professionals. Lendbuzz taps into this large market, providing credit solutions for customers with solid financial backgrounds who find themselves without proper credit solutions.

Amitay Kalmar, co-founder and CEO of Lendbuzz: "This is a significant step forward for Lendbuzz. The capital will allow us to further accelerate our fast-growing car financing platform and enhance our ability to provide the best terms to borrowers that do not have an established U.S. credit history."

Dr. Dan Raviv, co-founder and CTO of Lendbuzz added: "We developed a unique underwriting platform based on alternative data points to evaluate credit risk. Our AutoML Deep Neural Network (DNN) system is continuously improving and allows us to evaluate the true credit risk for people with a limited credit file or missing FICO score."

"After backing some of the world's leading fintech companies, we are very excited to join Lendbuzz and support their ambitious growth plans," said Arnon Dinur, Partner at 83North. "Lendbuzz is addressing a large and underserved market, has innovative technological underwriting capabilities and unique customer acquisition strategy that supports their high growth."

"BHI started its banking relationship with Lendbuzz in 2018 and is excited to continue to support the company's growth into an influential fintech company," said Gabriel Hamani, Chief Executive Officer of BHI. "The technology sector is core to BHI's expansion strategy in the U.S., and we understand the complexities of the tech ecosystem. We're committed to providing tailored banking solutions and an innovative suite of products to entrepreneurs within the tech sector."

About Lendbuzz

Founded in 2015, Lendbuzz is a car financing platform that helps consumers with limited U.S. credit history to obtain financing for their car purchase. Driven by machine learning and statistical algorithms, Lendbuzz offers attractive terms to consumers that are overlooked and underserved by the traditional credit system. Once qualified, Lendbuzz customers can purchase their car from any auto dealership and build their U.S. credit history.

For more information on how Lendbuzz is transforming car financing for thin file borrowers visit www.lendbuzz.com.

About BHI

BHI, the U.S. division of Bank Hapoalim Group, provides commercial banking solutions to Middle Market clients in sectors such as: commercial real estate; C&I: commodities; entertainment; apparel; healthcare and hi-tech. BHI-Tech was established to serve the bank's growing Hi-Tech customer base. This dedicated group primarily focuses on start-ups and growth companies within the U.S. and Israel markets. Its mission is to provide expertise in navigating the start-up culture, customized solutions and products, and foster long-term growth opportunities.

In addition to its New York headquarters, the bank operates four Representative Offices in the United States: Woodcliff Lake, New Jersey; Aventura, Florida; and two in California (downtown Los Angeles and Beverly Hills). For further information about BHI, please visit www.bhiusa.com.

BHI is a registered service mark of Bank Hapoalim B.M.

About ConnectOne Bank

ConnectOne Bank is a full service commercial bank serving the New York and New Jersey markets. Founded in 2005 by local business leaders, today ConnectOne Bank offers a full suite of consumer, business and cash management products across its 29 bank offices as well as through digital channels. From backing self-starters to financing the drivers of the economy, ConnectOne Bank works to prove that putting people first is a better way to do business.

About IDB Bank

IDB Bank® is a New York State-chartered commercial bank, a member of the FDIC, and a wholly owned subsidiary of Israel Discount Bank LTD., one of Israel's leading banks. In addition to its Manhattan headquarters and branch offices in Brooklyn, N.Y., Staten Island, N.Y. and Short Hills, N.J., the Bank maintains other full-service branches in South Florida and Southern California. The Bank provides a complete range of private banking and commercial banking services to U.S. and international clients.

For 70 years IDB Bank has built its business by fostering deep relationships with its clients, rapid decision-making, and the ability to develop custom-tailored solutions for both its domestic and international clientele.

To learn more about IDB Bank visit www.idbny.com.

IDB Bank is a registered service mark of Israel Discount Bank of New York. MEMBER FDIC

About Viola Credit

Viola Credit is Israel's leading private credit fund offering multi-strategy credit products to growing companies globally. The fund provides cutting-edge, custom credit solutions to technology-focused companies, through several main investment strategies including Alternative Lending, Venture Lending, Mezzanine and Distressed Assets Financing. Since 2000, Viola Credit has successfully completed over 130 transactions and committed over $900 million. Viola Credit is part of Viola group, Israel's leading technology oriented investment group with over $2.8B assets under management. For further information on Viola Credit, please visit www.violacredit.com.