Chicago-based startup Avant, an online lending platform that has raised over $1 billion in funding, is continuing to exhibit exponential growth with its recent acquisition of ReadyForZero, an online personal debt management tool. The acquisition comes on the heels of Avant’s expansion to the West Coast with a Los Angeles office slated to open in April.
ReadyForZero is an award-winning online and mobile planning tool that has successfully helped consumers pay down $220 million in debt. The product has been proven to reduce net-credit losses at top U.S. banks and has helped consumers with subprime credit raise their FICO® Score by as much as 40 points.
John Sun, Chief Credit and Risk Officer at Avant, explains that ReadyForZero’s debt management features help consumers build their credit while efficiently and effectively managing their personal loans and other debts. “We plan to integrate many of these personal finance tools for managing debt and credit into our own site,” says Sun. “ReadyForZero reflects our mission of financially empowering consumers and we are excited to bring this next level of personalized service to our customers.”
ReadyForZero co-founders Rod Ebrahimi and Ignacio Thayer, former Y Combinator classmates of Avant co-founders Sun and Chief Technology Officer Paul Zhang, will lead engineering and product management at the LA office, located near the Playa Vista neighborhood. Employee growth will be tech-focused and is expected to reach 50 by year end. In less than three years Avant has grown from three co-founders with plans to expand to more than 1,000 employees by the end of 2015.
“We are thrilled to forge ahead in this partnership with Avant and bring our services to a wider audience,” says Ebrahimi. “Our tech-driven approach helps consumers take control of their financial destiny so they can borrow and manage debt responsibly.”
For more information about Avant’s acquisition of ReadyForZero or to schedule a tour of Avant’s new LA office, please contact me directly. Interviews with ReadyForZero co-founders Rod Ebrahimi and Ignacio Thayer as well as Avant Chief Credit & Risk Officer John Sun are available upon request.
Avant is an online consumer finance platform that is changing the way consumers obtain credit by lowering the costs and barriers of borrowing. Utilizing big data and machine-learning algorithms, the company offers a unique and highly customized approach to streamlined credit options. At its core, Avant is a tech company that is dedicated to creating innovative and practical financial products for all consumers. After securing more than $1 billion in funding, Avant was the most funded company in Chicago in 2014. More than 150,000 loans have been issued through the Avant website. Avant has been featured in publications such as Wall Street Journal, The New York Times, TechCrunch, Fortune, Bloomberg and Crain’s Chicago Business and was named to Forbes America's Most Promising Companies list for 2015. Loans through Avant are available in 46 U.S. states and in the United Kingdom. Find out more at www.avant.com.
ReadyForZero is a free online tool that helps you manage and pay off debt by giving you an automated plan and helping you stay motivated. You can link your credit cards, student loans, and other types of debt in ReadyForZero and the tool will show you the fastest way of getting out of debt. ReadyForZero has been featured on The Today Show and has appeared in publications such as CNNMoney, Forbes, Mashable and The Economist and was named one of TIME’s 50 Best Websites of 2014. ReadyForZero also has resource centers and a blog for people who want to learn to take control of their finances.