December 4, 2014
AvantCredit, the Chicago,IL-based financial tech startup in the online lending industry, announced the closing of a $225 million round of Series D financing. Contributors to this round include existing investors Tiger Global Management and August Capital, as well as new investments from Peter Thiel, DFJ Ventres, RRE Ventures, and KKR. Additionally, AvantCredit has received $300 million credit facility from Victory Park Capital.
“As our largest round of equity funding to date, this Series D funding represents an important endorsement of our business model and our mission to provide consumers with a new way to borrow responsibly,” said AvantCredit’s cofounder and CEO, Al Goldstein, in a statement. “We’re dedicated to sustaining our growth and providing our customers with a better, faster and more convenient lending experience.”
With this recent financing, AvantCredit’s total equity raised and debt committed increases from $509 million to $1.03 billion. Earlier this year, the company raised $75 million in a Series C round led by Tiger Global Management. This new capital will allow the company to further its mission in lowering the cost and barriers of borrowing across the globe, expanding its loan portfolio and enhancing its platform’s data and analytics capabilities.
AvantCredit has grown rapidly since it issued its first loan in January 2013. 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) – having serviced more than $500 million overall in personal loans. The company currently employs close to 500 employees and has more than 100,000 customers.
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