Victory Park Capital Increases Credit Facility to AvantCredit by $300 Million
Press Release
Dec 05, 2014
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.
About AvantCredit
AvantCredit (Avant Credit Corporation and affiliates) was launched in late 2012 to change the way customers borrow and provide customers with a new and unique borrowing experience by offering fully-unsecured installment loans between $1,000 and $10,000. AvantCredit offers superb customer experience that is 100 percent online, offering privacy, flexibility and transparency to the consumer. AvantCredit’s unique combination of technology, analytics and customer service capability allows the Company to offer credit to borrowers with less-than-perfect credit at some of the lowest cost available online to the target audience. AvantCredit operates in 10 US states and is licensed and regulated on a state by state basis. Find out more at www.AvantCredit.com.
About Victory Park Capital
Victory Park Capital Advisors, LLC (“VPC”) is a privately held, SEC-registered, global alternative investment firm. VPC provides opportunistic capital solutions to both emerging and established businesses with an expertise investing across various sectors where traditional sources of capital are limited. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities and broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional offices in New York, Los Angeles and San Francisco. For more information, please visit www.victoryparkcapital.com.