CHICAGO – May 13, 2013 - AvantCredit (https://www.avantcredit.com), the leading online personal loan lender in the U.S. offering loans between $1,000 and $10,000 to near-prime customers, today announced the completion of a $34 million round of equity and debt funding to accelerate the growth of its innovative product offering. AvantCredit will use the investment capital to grow its analytics and technology platforms as well as fund the high speed growth of its loan portfolio.
Since its launch in late 2012, AvantCredit has changed the way customers borrow money - providing them with a new and unique online experience. AvantCredit uses state-of-the-art analytics methods, utilizing hundreds of distinct customer attributes including credit, social and user action data, in order to offer its lowest possible interest rates to the widest range of customers.
“AvantCredit finally fills the void missing in personal loans by deploying a unique technology platform designed to provide the best possible loans for customers with less than perfect credit,” says John Sun, co-founder and Chief Risk Officer of AvantCredit. “This funding will allow us to enhance our internal technology and analytics capabilities so that we can improve the services and experience our customers have come to expect.”
AvantCredit wrote its first loans this year and has already built up a loan portfolio of over $4 million. It plans to grow this portfolio to over $1 billion over the next 5 years. The company is fully licensed and operating in 12 states already, utilizing data encryption security standards maintained at major banks to provide its customers with the comfort that they are protected at every online step of the application process.
“We backed AvantCredit because of the experience and dedication of the team and are amazed at the pace of growth” says Eric Carlborg, Partner of August Capital who provided the initial Series A funding for AvantCredit.
AvantCredit’s founders also founded Enova International Inc., the leading international online short-term lender with over 1,000 employees and over $700 million of annual revenue as well as Pangea Properties, a leading provider of affordable apartment housing with over 8,000 apartments owned and managed.
“We are excited to join as an equity and debt provider and believe in the transformational capability of the team” adds Brendan Carroll, a Partner of Victory Park Capital who is an equity investor and the provider of a $25 million credit facility of AvantCredit.
AvantCredit (Avant Credit Corporation and affiliates) was launched in late 2012 to change the way customers borrow and provide them with a new and unique experience by offering fully-unsecured installment loans between $1,000 and $10,000 online. The combination of technology, analytics and customer service capabilities allows the Company to offer fast cash to borrowers with less-than-perfect credit at some of the lowest costs available online. AvantCredit operates in 12 US states and is licensed and regulated on a state by state basis. Find out more at AvantCredit.
About August Capital
August Capital was founded in 1995 to invest in companies differentiated by technical innovation and entrepreneurial excellence. Today, August Capital's eight investment professionals have more than a century of combined venture and operational experience. Together they manage $1.3 billion and have invested in more than 75 companies across the technology spectrum. From its inception, August Capital has funded an extraordinary group of entrepreneurs who have built significant, long-term value across the full range of information technologies. The companies that August Capital's partners have backed represent an aggregate market capitalization of well over $250 billion, generate in excess of $75 billion in annual revenue and employ a quarter of a million people around the world. This success is a testament to the entrepreneurs themselves, as well as the fundamental technologies they have created. We are proud to have supported these entrepreneurs and their companies as they have grown and prospered. . For more information, visit: http://www.augustcap.com/.
About Victory Park Capital
Victory Park Capital is an alternative investment firm that provides private debt and equity financing solutions to middle-market and lower middle-market companies across a wide range of industries. The firm focuses on traditional and complex situations, and seeks to build long-term sustainable value in its portfolio companies. VPC’s focus on certainty and speed to close provides the companies it seeks to invest in with a high level of security throughout the relationship. For more information, visit: http://www.victoryparkcapital.com.
Adam Hughes, VP Marketing & Operations
Avant Credit Corporation dba AvantCredit.com
222 N. LaSalle St, Suite 1700, Chicago, Illinois, 60601
312.448.8698 / [email protected]