Avant reaches $1B in loan originations

Doug Pitorak

File 47230Avant co-founders John Sun, Al Goldstein and Paul Zhang

After launching just more than two years ago, Chicago-based Avant announced today that its online lending marketplace has hit $1 billion in loan originations.

This milestone comes on the heels of the launch of its $400 million Avant Institutional Marketplace, which enables institutional investors to buy loans on the platform, and is weeks removed from its re-branding and acquisition of San Francisco-based ReadyForZero, which eventually moved to Avant’s 10,000-square-foot office in Playa Vista.

“We are currently at 200,000 customers and growing each day,” Avant CEO Al Goldstein said in a statement. “What is unique about our product is that we cater to the middle class. We are one of the only marketplace lending platforms in the space focused on enhancing the borrowing experience for the everyday consumer and tailoring our products to fit each consumer’s individual financial situation.”

Avant, which thrives on big data and machine-learning algorithms, has grown from three co-founders to more than 600 employees since its launch in Jan. 2013. With recent expansions to Los Angeles and the United Kingdom, Avant plans to boast 1,000 employees by year end.

The company has raised $1.4 billion in funding. Among its investors are Tiger Global Management, August Capital, Victory Park Capital, Peter Thiel, KKR, DFJ Growth and RRE Ventures.

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