Avant Announces $250 Million in Funding
Chicago – December 7, 2022 – Cooley advised Avant, a credit-first financial technology company, as it announced that it secured $250 million of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds. Partner Greg Grossman led the Cooley team advising Avant.
This funding follows a September $250 million securitization, which brought the total amount of asset-backed debt financing commitments secured by Avant in 2022 to $1.1 billion and Avant’s total commitments to more than $1.6 billion to support its consumer credit portfolios. To date, Avant has provided access to more than $9 billion in credit, serving almost three million customers.
Through a combination of technology, analytics and customer service, the Avant platform is designed to serve the non-prime US consumers largely underserved by traditional financial institutions, and provides access to innovative financial solutions, including personal loans and credit cards.
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