Avant, a credit-first FinTech company, has received $250m in corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds.
The FinTech company provides access to personal loans and credit cards. It combines technology, analytics and superior customer service to help customers meet their financial goals.
This fresh funding follows a $250m securitisation in September. This brought the total amount of asset-backed debt financing commitments secured by Avant in 2022 to $1.1bn and Avant’s total commitments to over $1.6bn to support its consumer credit portfolios.
To-date, the company has provided access to over $9bn in credit, serving around three million customers.
Avant CEO Matt Bochenek said, “Avant has established a track record of success over the course of a decade of delivering on our mission to empower customers to reach their goals with innovative solutions designed to move their financial lives forward.
“This capital infusion from Ares will further fuel our credit portfolio and next-gen platform, enabling stronger competitive advantage.”
FT Partners served as exclusive strategic and financial advisor to Avant.
Earlier in the year, the Avant Credit Card, which is issued by WebBank, surpassed one million customers.
The company also announced a multi-year exclusive partnership with Major League Soccer for a co-branded fan affinity credit card that will be powered by Avant and issued by WebBank.
In other marketplace lending news, India-based Lentra, which offers AI-powered lending services, collected $60m for its Series B funding round, which values the business at $400m. The company offers credit cards, BNPL, anchor financing, business loans, working capital, co-lending, and more.
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