The U.S. IPO market just got another credible fintech candidate. Lendbuzz, an AI-driven auto-lender headquartered in Boston, filed to list on Nasdaq on Friday after the opening bell, revealing first-half 2025 revenue of $172.9 million—up 38% year over year—and net income of $11.1 million versus $5.6 million a year earlier. In a market that has grown more selective, the pairing of rapid top-line growth with expanding profitability gives the deal an edge as investors rotate back toward proven, cash-generating platforms.
Lendbuzz’s pitch leans on technology and distribution. By using machine-learning models to evaluate borrowers who lack a traditional credit history, the company targets a segment often underserved by banks. Partnerships with auto dealerships bring Lendbuzz to the moment of purchase, compressing acquisition costs and smoothing the customer journey. The franchise has attracted deep-pocketed backers—its last private round in 2023 pegged valuation near $1.1 billion—and its shareholder list includes 83North and OG Tech Ventures, two names with long track records in scaling financial-technology companies.
The offering comes as fintech listings begin to stir, with recent high-profile deals setting the tone for how much risk public investors are willing to shoulder. If those deals continue to trade well, they provide a greener light for follow-on issuance. For portfolio managers, Lendbuzz offers exposure to three themes that have defined capital allocation in 2025: AI-enhanced underwriting, point-of-sale distribution, and a self-funding growth model that can rely less on dilutive capital. Together, those dynamics can support premium multiples—provided credit performance stays disciplined.
On deal mechanics, the company and some existing shareholders will sell stock, balancing capital formation with float creation to attract institutional demand and future index inclusion. Goldman Sachs, J.P. Morgan, RBC Capital Markets, and Mizuho lead the book, a lineup that typically ensures broad placements across long-only and hedge-fund accounts. The shares are expected to trade on Nasdaq under the ticker “LBZZ,” and a well-structured allocation could help underpin early-days price discovery.
Investors will focus on several watchpoints into pricing: net charge-off trends as the credit cycle matures; funding channels and securitization appetite as rates ebb; and unit economics at the dealership level as competition responds to Lendbuzz’s growth. Still, the core takeaway from Friday’s filing is clear: profitable fintech issuance is back on the menu. For allocators searching for genuine earnings power inside financial technology, Lendbuzz’s numbers suggest a business stepping into the public markets with momentum rather than promises.
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