CHICAGO, Feb. 29, 2016 /PRNewswire/ -- Marketplace lending platform Avant announced today it has surpassed $3 billion in loan originations in the past three years, faster than many leading lending platforms within the online lending industry. With 440,000 customers worldwide, Avant is changing the way consumers borrow by lowering the costs and barriers of borrowing.
Founded in November 2012, Avant has demonstrated remarkable growth since inception and achieved a year-over-year growth rate in revenue of approximately 400 percent this past year. Nearly $2 billion in loans were originated through the Avant platform in 2015 alone and the company projects to double its loan portfolio to $6 billion in 2016.
"This is a huge accomplishment and speaks to the market demand for affordable and accessible personal loans. Avant has achieved massive growth while staying focused on our mission of expanding responsible access to credit for middle-class consumers. More than 480,000 loans have been issued through Avant and we expect that number to increase dramatically in the year ahead," says Al Goldstein, CEO of Avant. "To reach $3 billion in originations with an average loan size today of $8,000 illustrates the consumer need for this type of product."
Avant's tremendous growth extends to its operations in the United Kingdom where two new members were appointed to the UK board of directors. Former Global President and CEO of Mastercard, H. Eugene Lockhart was appointed as Non-Executive Chairman and John Uphoff, the former Global Head of Retail Collections at HSBC Bank, was appointed to the board. Mr. Lockhart is also on the board of Metro Bank and serves as a Special Advisor to General Atlantic. The board appointments come on the heels of a $325 million Series E funding round that was led by General Atlantic and closed October 2015, bringing Avant's total debt and equity funding to $1.7 billion.
The company plans to continue its rapid growth trajectory in 2016 by adding new consumer-focused financial products to the Avant brand. Auto financing products are the next frontier for the company which includes auto secured loans as well as direct to consumer auto refinancing. Later this year, Avant also plans to unveil a credit card product.
"Our core focus on middle-class consumers can be attributed to much of our growth and success. Few financial institutions are catering to this demographic despite accounting for 40 percent of the population," says Goldstein. "We plan to continue increasing Avant's market share over the next few years by leveraging our best-in-class technology to meet the financial needs of our consumers."
Avant is a fast-growing marketplace lending platform that is lowering the costs and barriers of borrowing for consumers. Through the use of 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. To date, Avant has secured more than $1.7 billion in funding and another $1.8 billion through its institutional marketplace. More than 480,000 loans have been issued worldwide through the Avant website. Avant operates under the name AvantCredit in the United Kingdom and Canada. Avant has been featured in publications such as The Wall Street Journal, The New York Times, TechCrunch, Fortune, Bloomberg and Crain's Chicago Business. In 2015, Avant was named to Forbes America's Most Promising Companies list as well as Forbes list of Next Billion Dollar Startups. Find out more at www.avant.com. Loans originated through the Avant platform are made by WebBank, a Utah industrial bank, and by affiliates of Avant.
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