The asset executive firm, Victory Park Capital, disclosed that it granted AvantCredit a US$25 million credit facility. Besides the credit facility, Victory also took part of the Series A equity round of AvantCredit that was headed by August Capital. Victory Park Capital is an asset management firm that invests and gives credit facilities to middle and lower-middle market companies.
AvantCredit, launched in 2012 is a leading Chicago based online lending company that offers loans from US$1,000 upto US$10,000 to individuals. It is fully licensed and in operation at 10 states. It was in 2013 that AvantCredit released its first loan and in a number of months it has increased its loan portfolio of an estimated US$4 million.
"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. We are excited to provide financing for AvantCredit as it expands its loan portfolio and meets the growing credit needs of consumers, As traditional banks remain hesitant to lend across consumer segments, we will see the growth of new and innovative credit solutions like AvantCredit," remarked by Victory Park Capital co-Founder and Partner, Brendan Carroll.
Join the Conversation