AvantCredit (https://www) Pre-credit The leading online personal loan lender in the U Oh, 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 financing to accelerate the growth of its innovative product offering. AvantCredit will use its investment capital to expand its analytics and technology platforms as well as to fund the high-speed growth of its loan portfolio.
Since its launch at the end of 2012, AvantCredit has changed the way customers borrow money-giving them a new and unique online experience. AvantCredit uses state-of-the-art analytical methods, using hundreds of unique customer attributes, including credit, social and user action data, to offer its lowest possible interest rates to the widest range of customers.
“AvantCredit finally fills the void missing from personal loans by deploying a unique technology platform designed to provide customers with the best possible credit,” says John Sun, co-founder and Chief Risk Officer of AvantCredit. “This funding will allow us to enhance our internal technology and analytical capabilities so that we can improve the services and experience that our customers have come to expect. “That’s right.
AvantCredit wrote its first loans this year and has already built up a loan portfolio of more than $4 million. It plans to increase this portfolio to more than $1 billion over the next five years. The company is fully licensed and already operating in 12 states, using data encryption security standards maintained by major banks to provide customers with the convenience that they are protected at every online stage of the application process.
“We supported AvantCredit on the basis of the team’s experience and dedication and were astonished at the pace of growth,” says Eric Carlborg, Partner of August Capital, who provided funding for AvantCredit for the initial Series A.
The founders of AvantCredit also founded Enova International Inc. , the world’s leading online short-term lender with over 1,000 employees and over $700 million in annual revenue, as well as Pangea Properties, a leading provider of affordable 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 capacity of the team,” adds Brendan Carroll, a partner of Victory Park Capital who is an equity investor and a provider of a $25 million AvantCredit credit facility.
About BeforeCredit Come on,
AvantCredit (Avant Credit Corporation and Affiliates) was launched at the end of 2012 to change the way customers borrow and give them new and unique experience by offering fully secured installment loans of between $1,000 and $10,000 online. The combination of technology, analytics and customer service capabilities enables the Company to offer fast cash to borrowers with less than perfect credit at some of the lowest online costs. AvantCredit operates in 12 US states and is state-licensed and regulated. Find out more about AvantCredit
About the Capital of August
August Capital was founded in 1995 to invest in companies that differentiate between technical innovation and entrepreneurial excellence. Today, August Capital’s eight investment professionals have over a century of combined venture and operational experience. They’re managing $1 together 3 billion and more than 75 companies have invested across the technology spectrum. Since its inception, August Capital has financed an extraordinary group of entrepreneurs who have built significant long-term value across a wide range of information technologies. The companies backed by August Capital represent an aggregate market capitalization of well over $250 billion, generate more than $75 billion in annual revenue and employ a quarter of a million people worldwide. This success is a testament to the entrepreneurs themselves, as well as to the key technologies they have developed. We are proud to have supported these entrepreneurs and their companies as they grew and prospered. For more information, please visit: http://www Augstcap Com/Com
Victory Park Capital
Victory Park Capital is an alternative investment firm providing solutions for private debt and equity financing to middle-market and lower middle-market companies across a wide range of industries. The company focuses on traditional and complex situations and seeks to build long-term sustainable value in its portfolio companies. The focus of VPC on certainty and speed to close ensures that the companies it seeks to invest in have a high level of security throughout the relationship. For more information, please visit: http://www Victoriaparkcapital Come on,
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