Victory Park Capital provides $25 million credit facility to Avantcredit.com
Press Release
May 08, 2013
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.
About AvantCredit
AvantCredit (Avant Credit Corporation and affiliates) was launched in late 2012 to change the way customers borrow and provide customers with a new and unique borrowing experience by offering fully-unsecured installment loans between $1,000 and $10,000. AvantCredit offers superb customer experience that is 100 percent online, offering privacy, flexibility and transparency to the consumer. AvantCredit’s unique combination of technology, analytics and customer service capability allows the Company to offer credit to borrowers with less-than-perfect credit at some of the lowest cost available online to the target audience. AvantCredit operates in 10 US states and is licensed and regulated on a state by state basis. Find out more at www.AvantCredit.com.
About August Capital
August Capital was founded in 1995 to invest in companies differentiated by technical innovation and entrepreneurial excellence. Today, August Capital’s eight investment professionals have more than a century of combined venture and operational experience. Together they manage $1.3 billion and have invested in more than 75 companies across the technology spectrum. From its inception, August Capital has funded an extraordinary group of entrepreneurs who have built significant, long-term value across the full range of information technologies. The companies that August Capital’s partners have backed represent an aggregate market capitalization of well over $250 billion, generate in excess of $75 billion in annual revenue and employ a quarter of a million people around the world. This success is a testament to the entrepreneurs themselves, as well as the fundamental technologies they have created. We are proud to have supported these entrepreneurs and their companies as they have grown and prospered. For more information, visit: www.augustcap.com.