Companies
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Avant
Fintech
Avant is a Chicago-based consumer lending company offering personal loans and a credit card to non-prime borrowers, using data-driven underwriting technology.
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Avant was founded in 2012 by Al Goldstein, Paul Zhang, and John Sun, at a time when a wave of fintech lenders were applying more data-driven credit underwriting models to segments of consumers that traditional banks often underserved or charged relatively high rates, with Avant specifically targeting near-prime and non-prime borrowers, meaning consumers with credit profiles a step below the very best credit tiers that banks and the largest fintech lenders like SoFi or LendingClub typically prioritize. The company's core products are unsecured personal installment loans, used by consumers for purposes such as debt consolidation, home improvement, and unexpected expenses, along with a credit card product aimed at a similar non-prime consumer segment. Avant's underwriting technology uses a broader set of data points beyond a traditional credit score to assess a borrower's likely repayment ability, aiming to extend credit access to consumers who might otherwise be declined by more traditional underwriting models or offered less favorable terms, while managing the higher default risk inherent to lending in this credit tier through pricing and risk models built on the company's growing base of loan performance data. The company has originated loans both directly and, at various points, through bank partnerships that provide the underlying loans which Avant then services and, in some cases, purchases, a common structure ("bank partner model") uses bank-partnership structures for certain lending programs, subject to applicable state and federal requirements.”access. Avant spun out Amount, its internally built lending technology platform, as a separate company in 2020 to license similar underwriting and digital lending technology to banks and credit unions. Avant has raised substantial venture and debt funding from investors including General Atlantic, Tiger Global, and QED Investors, reaching unicorn status.
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