Avant, a Chicago, IL-based credit financial technology company, secured $250m of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds.
The company intends to use the funds to further fuel its credit portfolio and platform.
Led by CEO Matt Bochenek, Avant is a credit-first financial technology company that provides access to innovative financial solutions, including personal loans and credit cards. Through a combination of technology, analytics, and customer service, the platform is designed to serve the non-prime U.S. consumer, largely underserved by traditional financial institutions.
Since 2012, Avant has connected almost 3 million customers to $8 billion in loans and over 1 million credit cards.
This funding follows a $250m securitization in September and several other success markers in 2022. In January, the Avant Credit Card, issued by WebBank, surpassed one million customers. In August, the financial technology company launched a new multi-year exclusive partnership with Major League Soccer (“MLS”) for a co-branded fan affinity credit card that will be powered by Avant and issued by WebBank.
FinSMEs
07/12/2022