Avant, a Chicago, IL-based marketplace lending platform, closed a $325m Series E equity financing round.
The round, which brought total equity raised to over $650m (with debt raised at $1.1 billion), was led by global growth equity firm General Atlantic, with participation from Balyasny Asset Management and J.P. Morgan and existing investors Tiger Global Management and August Capital. In conjunction with General Atlantic’s investment, Jonathan Korngold is joining Avant’s Board of Directors.
The company intends to use the funds to expand its suite of financial products and launch in new geographic regions.
Led by Al Goldstein, Chief Executive Officer, Avant is a marketplace lending platform that uses big data and machine-learning algorithms to offer a customized approach and streamline credit options.
The company, which has issued more than 310,000 loans to date, has operations in the United States, United Kingdom and Canada. It currently employs more than 750 people with offices in Chicago, Los Angeles and London.