Avant (company)

Avant, Inc., formerly AvantCredit, is a private Chicago, Illinois-based company in the financial technology industry. The company was established in 2012 by serial entrepreneur Albert “Al” Goldstein,[1] John Sun, and Paul Zhang. Initially structured as a mid-prime lender,[2] the company issued its first personal unsecured loan in early 2013 using its proprietary technology to determine an individual’s creditworthiness.

History

Avant Credit launched with a state by state licensed pay day lending model charging between 60% to 260% APR in 2012. Avant slowed migrated to a 60 to 80% APR installment product in 2013. It then proceed to with a 36% to 60% APR product and its personal loan’s product eventually settled below 36% APR.

Avant’s technology applies algorithms, machine-learning protocols, and analytical tools in addition to the standard consumer data pulled to determine a customized rate, amount and length at which money can be borrowed.[3] The company began providing access to loans in just 16 states in 2013. Avant currently issues loans in 46 states, and in October 2013, the company expanded beyond US borders to Canada [4]and the United Kingdom.[2]

From 2012-2015 the company saw substantial growth[5] with over $1 billion in loans originated through Avant’s website and $1.4 billion in contributions by investors, including August Capital, Tiger Global and Victory Park Capital.