Avant Closes First Personal Loan Securitization of 2021

CHICAGO, June 9, 2021 /PRNewswire/ -- Avant, a leading financial technology company that gives middle-income consumers access to the credit they deserve, announced it has successfully closed its first personal loan securitization transaction of 2021. Totaling $200 million, the transaction is Avant's first securitization since the onset of COVID-19 and was oversubscribed in order volume, garnering interest from several of the biggest and most influential asset managers in the world.

Coupled with its 2020 securitization, which was the first-ever fintech personal loan revolving ABS, this commitment brings Avant's multi-year revolving ABS funding to $400 million. In addition to $425 million of multi-year revolving warehouse commitments, aggregate funding commitments for Avant's lending business total $825 million. The renewed commitment provides for a 24-month revolving period followed by a structured amortization period. After five years and 10 previous rated securitizations, Avant has received an "AA" rating from Kroll Bond Rating Agency, an acknowledgment of the track record and strength of the company's business model.

"This transaction is a significant milestone for Avant," said Matt Bochenek, CEO of Avant.  "The strong demand among asset managers for a multi-year revolving ABS deal illustrates investor confidence in our ability to pivot and successfully manage economic cycles, as proven during the COVID-19 crisis, and execute growth plans to become the premier digital bank for everyday American consumers."

About AvantAvant provides access to a full ecosystem of digital banking products, including personal loans and credit cards, to everyday American consumers and will soon offer a deposits product. Through a combination of technology, analytics and superior customer service, Avant gives underserved consumers access to credit with innovative products that simplify and improve their financial journeys. Since 2012, Avant has connected 1.7 million customers to $7.5 billion in loans and to 500,000 credit cards. A high-growth financial technology company, Avant has been featured in The Wall Street Journal, The New York Times, TechCrunch, Fortune and Bloomberg, and has raised over $650 million of equity capital. Visit avant.com for more information.

Avant-branded credit products are issued by WebBank, Member FDIC. Avant, LLC is a financial technology company, not a bank. Banking services will be provided through Evolve Bank & Trust, Member FDIC. 

Media Contact:Jenn PrattKeeton PR404.655.2273

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SOURCE Avant