CHICAGO, April 1, 2016 /PRNewswire/ -- Avant announced today the appointment of financial industry veteran Sheila Bair to its board of directors. Ms. Bair currently serves as the President of Washington College and is the former Chairperson of the Federal Deposit Insurance Corporation (FDIC).
"Sheila's proven track record and expertise in the financial services and regulatory spaces will be invaluable to the Avant team," said Al Goldstein, co-founder and CEO of Avant. "We are excited to bring Sheila on board as we prepare for the next phase of Avant's strategic growth."
With more than $3 billion in loans originated through its site, Avant is one of the leading online lending platforms in the industry and has established a global base of 450,000 customers in three years. Avant follows the FDIC's Affordable Small Dollar Loan Guidelines and does not charge origination fees or pre-payment penalties to customers with unsecured loans. All loan servicing is conducted in-house and access to customer service representatives is available seven days a week.
"In a short period of time, Avant has become a visionary leader within the financial services industry," said Ms. Bair. "Its core focus of providing responsible access to credit for the middle-class consumer and enhancing the borrowing experience is filling a void in the market. I look forward to joining the Avant team as they continue to drive innovation within an industry that has traditionally lacked change."
Prior to her five-year term at the FDIC, Ms. Bair was the Dean's Professor of Financial Regulatory Policy at the University of Massachusetts Amherst. Ms. Bair has also served as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury and Senior Vice President for Government Relations of the New York Stock Exchange (NYSE).
Ms. Bair's appointment to the board of directors is effective immediately. She joins industry leaders James (Jim) Robinson III, co-founder and General Partner at RRE Ventures, and Siddarth N. (Bobby) Mehta, President and CEO of international credit bureau TransUnion, who have both served on the board since late 2014.
Avant is a fast-growing online lending platform that is lowering the cost 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 500,000 loans have been issued worldwide through the Avant website. Avant operates under the name AvantCredit in the United Kingdom. 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.
CONTACT: Carolyn Blackman Gasbarra, 312-763-7510, [email protected]