Avant, a Chicago, IL-based marketplace lending platform, has surpassed $3 billion in loan originations since launching in November 2012.
Nearly $2 billion in loans were originated through the platform in 2015 alone and the company projects to double its loan portfolio to $6 billion in 2016 adding new consumer-focused financial products including auto secured loans as well as direct to consumer auto refinancing. Later this year, Avant plans to launch a credit card product.
Led by Al Goldstein, CEO, Avant is a marketplace lending platform that uses big data and machine-learning algorithms to lowers the costs and barriers of borrowing for consumers and offering a customized approach to streamlined credit options.
To date, the company has secured more than $1.7 billion in funding and another $1.8 billion through its institutional marketplace.
More than 480,000 loans have been issued worldwide through the website.
It also operates under the name AvantCredit in the United Kingdom and Canada. In the UK, Former Global President and CEO of Mastercard H. Eugene Lockhart and former Global Head of Retail Collections at HSBC Bank John Uphoff were appointed to the board of directors.