Auto loans platform Lendbuzz hires banks for IPO, Reuters reports

Lendbuzz, a U.S. financial technology startup that uses artificial intelligence to offer auto loans to people who lack credit history, has hired investment banks for an initial public offering that could value it at more than $2B, Reuters’ Echo Wang reports, citing two people familiar with the matter. Lendbuzz’s IPO preparations come as investor confidence in the consumer finance sector has picked up, with shares of financial technology companies such as Upstart (UPST) and Affirm (AFRM) rallying in the last two months, the publication notes. Lendbuzz has hired Goldman Sachs (GS), JPMorgan Chase (JPM), RBC Capital Markets (RY) and Mizuho Financial Group (MFG) as lead underwriters for its planned offering, the sources said,