"Victory Park has been a great partner for us in every sense of the word. They are collaborative, creative and eager to help us find solutions. I would gladly recommend them to any company looking for a strategic capital provider to help grow their business."
– Al Goldstein, CEO
Avant Credit Corporation
CHICAGO – Dec. 5, 2014 – Victory Park Capital (VPC), an asset management firm focused on middle market debt and equity investments, announced today that it has increased its existing credit facility to $500 million for AvantCredit, one of the nation’s fastest growing online providers of consumer credit. This latest upsize provides an incremental $300 million of borrowing capacity as the company continues to increase its market share within the online lending ecosystem.
In addition to providing Avant its first credit facility, VPC also invested in the company's Series A and Series B equity rounds led by August Capital.
"AvantCredit has experienced tremendous growth over the past six months and we are excited to continue our ongoing partnership. With this latest iteration of our credit facility, the company will be well positioned for continued expansion in 2015," said Brendan Carroll, partner at Victory Park Capital. "Al Goldstein (Co-Founder and CEO) has done an outstanding job building his executive team and the business continues to exceed expectations on all fronts."
Launched in 2012, Chicago-based AvantCredit has raised over $300 million in total equity, most recently raising $225 million in Series D equity funding led by Tiger Global Management.
AvantCredit is changing the way online banking customers borrow money. Utilizing advanced algorithms and machine-learning capabilities, the company offers a unique and highly customized approach to the personal loan process. The combination of technology, analytics and customer service capabilities allows the company to offer an easy-to-use online process for loans to borrowers, all entirely online. Find out more at: www.avantcredit.com.
Victory Park Capital (VPC) is a privately held registered investment advisor dedicated to alternative investing through the management of private investment funds. As specialists in credit and private equity investments, VPC focuses on middle market companies across a diversified range of industries. Whether as a lender or a control investor, VPC seeks to identify opportunities where it believes the potential for reward outweighs the risks entailed. Founded in 2007, VPC is headquartered in Chicago with additional resources in Boston, Los Angeles, New York and San Francisco. For more information visit: www.victoryparkcapital.com.