Today, AvantCredit, the fast growing online provider of consumer loans, announced that it has secured a $200 million credit facility, making it the most funded Chicago-based company in 2014.
This $200 million debt financing agreement was led by global investment bank, Jefferies, and comes two weeks after AvantCredit announced a $75 million Series C funding from Tiger Global Management and a $200 million credit facility from Victory Park Capital. Today's news brings the company's total funding to over $500 Million.
“This endorsement from a major global investment bank is an important milestone for AvantCredit and solidifies our position at the top of Chicago’s flourishing tech industry, all in less than two years,” said Al Goldstein, AvantCredit’s Co-Founder and CEO.
With this latest round of funding, the company is on track to grow its loan portfolio by 25 percent monthly. How do they do it:
Explained Goldstein, "As an innovative leader that’s disrupting the personal lending industry, our proven model and experienced leadership team played an instrumental role in obtaining this round of funding, and will continue to be the driving force behind securing additional funding procurements in the near and long-term.”
Launched in 2012 by Goldstein, a Windy City serial entrepreneur, AvantCredit has disrupted the personal loan industry through predictive analysis, proprietary machine-learning technology, and DIY on-boarding. Over $270 million in consumer loans have been written through AvantCredit to date and the company operates in nearly all 50 states.
Said Rob Levy, AvantCredit’s VP of Capital, "The Jefferies transaction affirms our company’s mission to revolutionize consumer finance and will help us further invest in our business as we continue to grow."
