Consumer loans site AvantCredit has raised USD9m in funding. The Series A round was led by August Capital with participation from Victory Park Capital. In addition to the funding, Victory Capital has issued a USD25m credit facility to the company, pushing its total funding to USD34m.
The Chicago-based e-lender offers low-interest, personal loans of between USD1,000 and USD10,000. Since being founded last year, the company has built a portfolio of more than USD4m and says that it aims to pass USD1bn over the next five years. AvantCredit has developed its own risk assessment process to evaluate customer credit and says it will use the funding to make further investments in technology and analytics, while expanding its portfolio.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.