AvantCredit banks USD9m for online personal loans

Secured funding

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.

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