Total amount raised
$2.1 Billions
Latest funding date
12/1/2022
Location
Avant has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The company offers a range of financial products, including personal loans and credit cards, designed to help customers achieve their financial goals.
Keep reading to explore the intricacies of Avant's fundraising journey and the investors backing this innovative platform.
What Is Avant?
Avant, founded on November 1, 2012, is an online lending platform headquartered in Chicago, Illinois. The company was established by Al Goldstein, John Sun, and Paul Zhang.
Avant offers personal loans and credit cards, utilizing big data and machine-learning algorithms to provide customized financial solutions. Their services cater to consumers in the United States and the United Kingdom.
With a workforce of 501-1000 employees, Avant aims to help customers consolidate debt, cover unexpected medical expenses, and finance family vacations.
How Much Funding Has Avant Raised?
- Series C
- Amount Raised: $75M
- Date: July 2014
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Debt Financing
- Amount Raised: $200M
- Date: August 2014
- Lead Investors: Jefferies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business operations and growth.
- Series D
- Amount Raised: $225M
- Date: December 2014
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial products and expand market reach.
- Debt Financing
- Amount Raised: $300M
- Date: December 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance existing debt and support new initiatives.
- Debt Financing
- Amount Raised: $400M
- Date: April 2015
- Lead Investors: Kohlberg Kravis Roberts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel business expansion and product development.
- Series E
- Amount Raised: $325M
- Date: September 2015
- Lead Investors: General Atlantic
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technological capabilities.
- Private Equity Round
- Amount Raised: Not publicly disclosed
- Date: October 2021
- Lead Investors: Pamlico Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic growth initiatives.
- Debt Financing
- Amount Raised: $250M
- Date: July 2022
- Lead Investors: WebBank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the credit portfolio and support business growth.
- Private Equity Round
- Amount Raised: Not publicly disclosed
- Date: December 2022
- Lead Investors: Ares Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel the credit portfolio and provide a competitive advantage.
- Debt Financing
- Amount Raised: $250M
- Date: December 2022
- Lead Investors: Ares Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the credit portfolio and next-gen platform.
Total Amount Raised: $2.275B. Current Valuation: Not publicly disclosed.
Key Investors
- Ares Management
- Details: Ares Management is a global alternative investment manager with approximately $341 billion of assets under management. They offer investment solutions across credit, private equity, real estate, and infrastructure asset classes.
- Investment Focus Areas: Credit, private equity, real estate, infrastructure.
- Notable Investments: Not publicly disclosed.
- WebBank
- Details: WebBank is an FDIC-insured, state-chartered industrial bank headquartered in Salt Lake City, Utah. They specialize in providing customized financial solutions to businesses and consumers.
- Investment Focus Areas: Consumer finance, commercial lending, credit cards.
- Notable Investments: LendingClub, Prosper, Avant.
- Pamlico Capital
- Details: Pamlico Capital is a private equity firm based in Charlotte, North Carolina. They focus on investing in growing middle-market companies in North America.
- Investment Focus Areas: Business services, communications, healthcare, software.
- Notable Investments: Service Express, Veson Nautical, Becker's Healthcare.
- General Atlantic
- Details: General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. They manage approximately $65 billion in assets.
- Investment Focus Areas: Technology, consumer, financial services, healthcare.
- Notable Investments: Airbnb, Alibaba, ByteDance.
- Kohlberg Kravis Roberts (KKR)
- Details: KKR is a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, and credit.
- Investment Focus Areas: Private equity, energy, infrastructure, real estate, credit.
- Notable Investments: First Data, GoDaddy, Lyft.
What's Next for Avant?
With a fresh $250 million infusion from Ares Management, Avant is poised to expand its credit portfolio and next-gen platform. This funding not only strengthens their competitive edge but also opens doors for future growth opportunities, such as leveraging their partnership with Major League Soccer for a co-branded credit card.
Future fundraising seems promising, given Avant's strong track record and ongoing relationship with Ares Management. However, challenges like navigating economic cycles and maintaining a competitive edge in the fintech sector remain. Ensuring the scalability and security of their platform will be crucial as they continue to grow.
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