Avant, a data-driven lending platform serving middle-income Americans, has closed a $200m personal loan securitisation — its first transaction to receive AAA ratings from both Fitch Ratings and Kroll Bond Rating Agency (KBRA).
The deal marks a significant milestone for the FinTech, representing its 23rd personal loan securitisation since its founding in 2012 and its seventh revolving transaction.
Notably, it is also Avant’s first personal loan securitisation to be rated by Fitch Ratings, alongside KBRA, which has rated every Avant transaction since 2016. Receiving AAA ratings from both agencies on the same deal is a first for the company.
The transaction features a 24-month revolving period, allowing Avant to reinvest principal as loans are repaid, and is expected to support more than $500m in personal loans over its lifetime. Combined with existing asset funding commitments, Avant now holds approximately $2.5bn in long-term funding commitments to underpin the continued growth of its personal loan and credit card businesses.
Avant is a data-driven platform operating at the intersection of technology and credit, designed to serve the financial needs of middle-income Americans. Using data and machine learning, it offers a suite of products including personal loans, credit cards, and a personal financial management tool.
Avant chief financial officer Kevin Friedrich said, “Over more than a decade, we’ve built a funding model designed to support the business through different market environments. Transactions like this reinforce that foundation and allow us to continue to scale our business and support our customers.”
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