AvantCredit, a Chicago, IL-based national online provider of consumer loans, completed a $200m debt financing.
The round, which came two weeks after the company announced $75m Series C funding from Tiger Global Management and a $200m credit facility from Victory Park Capital (read here), was led by global investment bank Jefferies.
The company intends to use the funds to expand its customer base, hire additional people and continue enhancing its machine-learning model.
Led by Al Goldstein, Co-Founder and CEO, and Rob Levy, VP of Capital Markets, AvantCredit leverages algorithms and machine-learning capabilities to offer an online process for loans to borrowers, all entirely online.
Over $270 million in consumer loans have been written through AvantCredit to date. The company plans to reach over 500 employees by the end of the month and double that within a year.