AvantCredit, a Chicago, Illinois-based online consumer loan provider, closed $225m in Series D equity funding.
The Series D round was led by Tiger Global Management and August Capital with participation from DFJ Growth, RRE Ventures, KKR & Co. and PayPal Co-Founder, Peter Thiel. It coincided with a $300m expansion of an existing credit facility with Chicago-based investor Victory Park Capital.
The company will use the capital to support expansion of its loan portfolio, continue enhancing its data and analytics capabilities and bolster its technology talent.
Led by Al Goldstein, Chief Executive Officer and Co-Founder, AvantCredit utilizes advanced algorithms and machine-learning capabilities to offer a customized approach to the personal loan process. The company currently has nearly 500 employees, over 100,000 customers, and serviced more than $500m in personal loans.