AvantCredit, an online lending platform, is leading the FinTech industry with Forbes ranking the Chicago-based startup as #6 on its 2015 list of America's Most Promising Companies.
Since being founded in 2012, AvantCredit has been transforming consumer finance by providing consumers with streamlined access to credit. Through the use of big data and proprietary machine-learning algorithms, AvantCredit is able to lower the costs and barriers of borrowing while mitigating risk.
AvantCredit’s customer base continues to grow, notes Al Goldstein, CEO of AvantCredit, because of the unaddressed demand for credit within the middle class. “FICO scores are an outdated means of determining creditworthiness for the majority of consumers,” says Goldstein. “Our use of big data and analytics allows us to accurately assess credit seeking candidates and is indicative of our explosive growth.”
In the past year AvantCredit has grown to over 500 employees, with plans to double in size again in 2015. AvantCredit was Chicago’s most funded startup in 2014, with over $1 billion in funding to date and a $400 million loan portfolio, counting Victory Park Capital, Tiger Global Management, Peter Thiel, and Jefferies among its top investors. AvantCredit currently operates in 46 U.S. states and in the United Kingdom under the brand SpringCoin.co.uk.
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AvantCredit is changing the way online banking customers borrow money. Utilizing advanced algorithms and machine-learning capabilities, the company offers a unique and highly customized approach to the personal loan process. The combination of technology, analytics and customer service capabilities allows the company to offer an easy-to-use online process for loans to borrowers, all entirely online. Find out more at AvantCredit.com.