Avant Acqui-hires StudyCloud and TempoIQ

avantAvant, a Chicago, IL-based online lending platform, acqui-hired StudyCloud and TempoIQ, two local technology startups.

The amount of the deal was not disclosed.

TempoIQ was an Internet of Things application platform provider while StudyCLoud developed a course community tool for teachers.

The key technical teams of the two companies will allow Avant to add specialized talent to its growing team. In the past year, the company launched the Avant Data Management Program (ADMP), a rotational program that allows employees to move within a series of data-focused teams across the business and learn more about areas such as business intelligence, business analytics and product.

Led by Al Goldstein, CEO, Avant is a marketplace lending platform that uses big data and machine-learning algorithms to offer a customized approach to streamlined credit options. More than 500,000 loans have been issued worldwide through the Avant website, totaling more than $3 billion.
The company, which also operates under the name AvantCredit in the United Kingdom and Canada, has office locations in Chicago, Los Angeles and London and employs nearly 1,000 people.

To date, the company has secured more than $1.7 billion in funding and another $1.8 billion through its institutional marketplace.



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