AvantCredit, a Chicago, IL-based analytics-based online personal lender in the near-prime space, raised $20m in equity funding.
The company intends to use the funds to grow its loan portfolio, fund geographic expansion, and further develop its machine learning lending platform.
The funding brings AvantCredit’s total equity raised and debt committed to more than $54 million and comes just four months after their Series A funding.
Led by John Sun, co-founder and chief risk officer, AvantCredit uses advanced algorithms and machine-learning capabilities to provide personal loans between $1,000 and $20,000 to near-prime borrowers in California, Texas, Georgia, South Carolina, Illinois, Wisconsin, Louisiana, Oregon, Delaware, Idaho, Virginia, Missouri, Alabama, Utah, New Mexico and South Dakota, with Colorado coming soon.
It is licensed and regulated on a state by state basis.