US-based financial technology company Lendbuzz has raised $345m to expand its artificial intelligence (AI)-powered auto finance platform.

The firm has raised the funds through a mix of $45m in equity funding and a forward flow facility of $300m.

The investment round was led by technology-driven financial services company Group 1001. It also had participation from existing investors including 83North, O.G. Venture Partners, and MUFG Innovation Partners.

Group 1001 managing director Peter Guetig said: “Lendbuzz is a unique example of a company demonstrating accelerated growth, along with impressive unit economics. We’re excited to further strengthen our relationship.”

Lendbuzz said that the equity investment extends its partnership with Group 1001. Both parties executed a $300m forward flow facility earlier this year.

The firm intends to use the funds raised to deepen investments in product innovation, research and development, and technology. Lendbuzz aims to continue to best serve consumers as well as dealership partners.

Established in 2015, Lendbuzz utilises alternative data, machine learning, and deep neural networks to offer auto loans for a broad range of borrowers.

The firm’s AI-driven auto finance platform helps consumers to obtain better access to credit while purchasing a car.

Lendbuzz’s revenue is said to have grown by more than 80% in the first half of this year by leveraging AI and machine learning algorithms to provide auto financing for consumers.

Lendbuzz co-founder and CEO Amitay Kalmar said: “While many companies and industries are just starting to realise the impact of AI, we have been at the forefront of utilising deep neural networks and machine learning technology in consumer credit underwriting.

“Our focus remains on using alternative data and machine learning to provide better access to credit for underserved populations, and better software solutions for our growing network of dealership partners nationwide.”