Avant

About Avant

Avant entered the personal loan space in 2012. The team, including some of its investors, have deep experience in credit and lending to consumers.

Avant is based in Chicago. The team started working together in 2012 and made their first loans in early 2013. The team includes the founders of CashNetUSA, a payday lending company. Avant started off making short-term installment loans to underbanked and poor credit individuals. In recent years they have expanded and moved into longer-term personal loans targeted at the sub-prime to prime market. In 2019, they have over 500 employees, have funded over $1.8B in loans, and served over 600,000 consumers.

Avant has raised close to $130 million in funding from August Capital, Victory Park Capital, and QED Investors. Most likely these funds are a mix of debt and equity. More specifically, some of these funds are designed to be used as loans versus used to build operations which would explain the relatively large amount of capital raised. QED Investors joined in their Series C round. QED Investors was founded by one of the founders of Capital One.

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