AvantCredit, a U.S.-based online personal loan lender, completed a $34m equity and debt funding.
Backers included Victory Park Capital, which invested equity and provided a $25m credit facility, and August Capital.
The company intends to use the funds to grow its analytics and technology platforms as well as expand its loan portfolio, currently of over $4m.
Launched in late 2012 John Sun, Chief Risk Officer, AvantCredit leverages analytics methods, which use distinct customer attributes including credit, social and user action data to offer loans between $1k and $10k to near-prime customers at lowest possible interest rates.
The company is fully licensed and operating in 12 states.
FinSMEs
08/05/2013