The Chicago-based financial tech startup AvantCredit announced the closing of a $75 million round of Series C financing led by Tiger Global Management. In addition, the company has announced a $200 million credit facility led by Victory Park Capital.
AvantCredit has grown rapidly since its launch at the end of 2012. The startup has revolutionized the online lending industry, creating an entirely new experience for the personal loan process, as well as being able to offer rates lower than traditional banking institutions. Blending together advanced algorithms, machine-learning capabilities, analytics, and customer service, AvantCredit provides between $1,000 and $20,000 to qualified borrowers in 46 states (and the UK).
“AvantCredit’s tremendous growth in just under two years is a reflection of consumer demand for a better, faster, more convenient borrowing experience,” said AvantCredit CEO Al Goldstein. “This additional infusion of capital validates the success of our business model and will enable us to continue to innovate and enhance our technology – and attract the best and brightest data engineers in tech today.”
The company has lent to more than 60,000 consumers borrowing more than $250 million total. Since its Series B round in August of last year, AvantCredit has increased its quarterly loan volume by 500 percent, which has enabled it to grow from 70 to more than 300 employees. This recent round of financing, along with the company’s credit facility, will enable AvantCredit to support the expansion of its loan portfolio, support its technology and data capabilities, and continue attaining and developing talent.
With this most recent financing, AvantCredit has raised more than $100 million in total equity investment and $200 million in debt.