AvantCredit Secures $200 Million Credit Facility led by Jefferies, Becomes Most Funded Chicago Company Credit facility brings AvantCredit's total funding to over $500 Million, keeping it on track to grow its loan portfolio by 25 percent monthly
CHICAGO, Aug. 21, 2014 /PRNewswire/ -- AvantCredit (AvantCredit.com), one of the fastest growing national online providers of consumer loans, announced today the completion of a $200 million debt financing agreement led by global investment bank, Jefferies. The funding comes two weeks after the company announced $75 million series C funding from Tiger Global Management and a $200 million credit facility from Victory Park Capital. This additional infusion of capital brings the company's total funding to over $500 million – making it the most funded Chicago-based company so far this year1.
"This endorsement from a major global investment bank is an important milestone for AvantCredit and solidifies our position at the top of Chicago's flourishing tech industry, all in less than two years," said Al Goldstein, AvantCredit's Co-Founder and CEO. "As an innovative leader that's disrupting the personal lending industry, our proven model and experienced leadership team played an instrumental role in obtaining this round of funding, and will continue to be the driving force behind securing additional funding procurements in the near and long-term."
Over $270 million in consumer loans have been written through AvantCredit to date, and AvantCredit has grown its loan portfolio by 25 percent each month this year. On July 23, 2014, the company announced $275 million in funding including series C funding from Tiger Global Management and a credit facility deal with Victory Park Capital. Since the announcement, it has facilitated over $40 million in loans and hired an additional 70 Chicago-based employees. AvantCredit is forecasted to reach over 500 employees by the end of the month and double that within a year.
"The Jefferies transaction affirms our company's mission to revolutionize consumer finance and will help us further invest in our business as we continue to grow," said Rob Levy, AvantCredit's VP of Capital Markets. "The additional capital infusion will allow us to expand our customer base, hire additional talent and continue enhancing our machine-learning model."
By using best-in-class technology and analytics to provide convenient, online loans in real time, AvantCredit is disrupting the banking industry. AvantCredit is the first to deploy this type of technology in the online credit industry while also using predictive analytics to help protect consumers against identify theft and fraud.
AvantCredit is changing the way online banking customers borrow money, by 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.
1 Built in Chicago, "Chicago tech 1H funding hits all-time high," 12 June 2014.
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