Today, VPC announced a $25 million credit facility for Chicago-based AvantCredit, a leading online lending company offering loans between $1,000 and $10,000 to individuals. In addition to the credit facility, VPC also participated in AvantCredit’s Series A equity round led by August Capital.

The team at AvantCredit has developed a robust suite of risk management processes that evaluate consumer credit and make highly competitive loans to underserved borrowers. This funding will allow AvantCredit to fuel growth of internal technology and analytics capabilities, helping them offer online credit solutions that are lacking in today’s market.

Launched in late 2012, AvantCredit provides customers with a new lending experience using state-of-the-art analytics methods and the highest data encryption security standards. Utilizing hundreds of distinct customer attributes including credit, social and meta data, the firm offers small businesses the highest approval likelihood with the lowest possible rates. The company is fully licensed and operating in 10 states. AvantCredit wrote its first loans in 2013 and within months has built up a loan portfolio of more than $4 million.