Avant Expands Debt Warehouse
CHICAGO, Nov. 18, 2020 /PRNewswire/ -- Avant, a leading financial technology company that gives middle-income consumers access to the credit they deserve, announced it has successfully closed renewals of lines of credit totaling $425 million from JP Morgan Chase, Waterfall Asset Management and funds managed by Ares Management Corporation (NYSE: ARES).
The renewed $225 million commitment from JP Morgan Chase and Waterfall Asset Management is the continuation of a five-year partnership to finance Avant's unsecured personal installment loan product, which launched in 2013. The renewed commitment provides for an 18-month revolving period. The $200 million renewal from funds managed by Ares doubles a 2018 commitment to finance receivables generated from Avant's growing credit card business. The renewed and upsized commitment provides for a 24-month revolving period followed by a multi-year structured amortization period.
"This is a testament to the rapid and substantial growth of Avant's credit card customer base, which now outnumbers that of our personal loan product, as well as the stability and maturity of our attractive unsecured personal loan business, Avant's original flagship product," said James Paris, CEO of Avant. "Economic uncertainty made 2020 a challenging year for non-bank consumer lenders to bring funding and extension conversations to fruition on attractive terms. In what has been a difficult year for the capital markets, these extensions from such reputable lenders speak to their confidence in the quality and stability of Avant's consumer credit business and its ability to withstand a severe and prolonged economic disruption."
Combined with the closing of its first $200 million revolving securitization in March, Avant has added or extended $625 million of funding commitments for its consumer credit business this year. With these closings, Avant has significant liquidity and undrawn funding commitments to support its business plans for the foreseeable future without the need for near-term access to wholesale funding markets.
About Avant
Avant is dedicated to building premier digital banking solutions for the middle class through a combination of technology, analytics and superior customer service. Since 2012, Avant has connected over one million customers to $6.5 billion in loans and to 200,000 credit cards. A high growth financial technology company, Avant has been featured in The Wall Street Journal, The New York Times, TechCrunch, Fortune, Bloomberg, and has raised over $600 million of equity capital. Visit www.avant.com for more information.
Contact:
Jenn Pratt
Keeton PR
404.655.2273
View original content:http://www.prnewswire.com/news-releases/avant-expands-debt-warehouse-301175740.html
SOURCE Avant
