Ask any new startup where they want to be in three years, and only the loftiest of dreamers will say they want a billion dollars in funding under their belt. More often than not, that goal is quixotic at best; at worst, the ludicrous ramblings of an impassioned entrepreneur.
But then again, most three-year-old startups aren't Avant.
The lending platform, touted by many industry leaders as a future billion-dollar unicorn since its launch in 2012, announced today is has closed two new debt-financing solutions that total $339 million. Today’s round of financing catapults Avant’s funding to $1.4 billion, with another $400 million in funds coming in through the Avant Institutional Marketplace.
“Our new funding supports Avant’s rapid expansion, including our continued growth across the world,” said Avant CEO and co-founder Al Goldstein in an email. “Our achievements to date are proof there is a real need and demand for innovative financial products which target middle income consumers.”
One of those transactions — the $139 million in debt financing provided by Jefferies LLC — is Avant’s very first asset-backed securitization. The other, a $200 million revolving warehouse with lenders like J.P. Morgan, Credit Suisse, and Waterfall Asset Management, will provide debt financing to US borrowers as Avant continues to scale.
Avants leverages big data and machine-learning algorithms to power its reinvention of the personal loan process. They’ve already issued over 250,000 loans through their website to consumers looking for more accessible — and more affordable — financing options.
And through it all, they’re happy to call Chicago home.
“Chicago continues to become one of the premier tech hubs across the nation and we are excited to be leading the charge. Part of our growth is attributed to the great tech talent we have been able to attract to grow Avant,” Goldstein said.
Have a tip for us or know of a company that deserves coverage? Email us via [email protected].