The firm filed a registration statement with the Securities and Exchange Commission and intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol “LBZZ,” according to a Friday (Sept. 12) press release.
Lendbuzz has not determined the amount of common stock to be offered or the price range for the proposed offering, according to the release.
“Lendbuzz expects to complete the public offering after the SEC completes its review process, subject to market and other conditions,” the release said. “There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.”
The company uses artificial intelligence and machine learning algorithms to assess consumer credit risk, according to the release. By more accurately predicting a consumer’s creditworthiness, it helps consumers access credit and helps auto dealerships increase their vehicle sales, per the release.
In its registration statement, the company said Lendbuzz was launched in 2015 with a focus on auto finance for underserved populations; it has generated positive net income in each fiscal year since 2021, as of Dec. 31, 2024; and it has grown its active dealerships count to 2,164, as of June 30.
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“In addition to providing fair access to credit, we offer consumers a modern, digital lending experience,” the company said in the registration statement. “Friction is reduced for consumers as we engage with them through an entirely mobile-enabled digital process.”
When Lendbuzz closed a $266 million asset-backed securitization in July, it said in a press release that it had completed more than $2.1 billion of publicly syndicated asset-backed securitizations to date and remained committed to growing the program as part of its “diverse funding strategy.”
“We are proud to have closed another successful transaction that deepens our access to diverse funding sources,” Lendbuzz Chief Financial Officer George Sclavos said in the release. “Our ability to continue to grow our program is a testament to the strength of our investor base and a powerful testament to our investors’ confidence in the performance of our credit model.”
