Avant secures $250m in debt and equity from Ares Management
Online lending fintech Avant Credit, which aims to provide credit to the underserved non-prime US consumer, has raised $250 million of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds.
This funding follows a $250 million securitisation in September which brought the total amount of asset-backed debt financing commitments secured by Avant in 2022 to $1.1 billion and its total commitments to more than $1.6 billion to support its consumer credit portfolios.
To date, the firm has provided access to more than $9 billion worth of credit to almost three million customers. In January, the Avant credit card, issued by WebBank, surpassed one million customers.
Avant CEO Matt Bochenek says: “This capital infusion from Ares will further fuel our credit portfolio and next-gen platform, enabling stronger competitive advantage.”
Jeffrey Kramer, partner at Ares Alternative Credit strategy, says: “Our flexible capital base helped us meet Avant’s evolving needs, and we look forward to continuing our long-standing relationship.”
Founded in 2012, the Chicago-based firm leverages algorithms, machine learning protocols and analytical tools to offer personal loans and credit cards to consumers who often struggle to get credit.
