Avant, a credit-first financial technology company that provides access to financial solutions to underserved non-prime consumers, has secured $250 million of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds .
Avant, a credit-first financial technology company that provides access to financial solutions to underserved non-prime consumers, has secured $250 million of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds (Ares).
This funding follows a $250 million securitisation in September and several other success markers in 2022. In January, the Avant Credit Card, issued by WebBank, surpassed one million customers. In August, the financial technology company unveiled a new multi-year exclusive partnership with Major League Soccer (MLS) for a co-branded fan affinity credit card that will be powered by Avant and issued by WebBank.
Avant’s September securitisation brought the total amount of asset-backed debt financing commitments secured by the comoany in 2022 to $1.1 billion and Avant’s total commitments to over $1.6 billion to support its consumer credit portfolios. To date, Avant has provided access to over $9 billion in credit serving almost three million customers.
FT Partners served as exclusive strategic and financial advisor to Avant and its Board of Directors on this transaction.
