Avant, a leading online lending platform, has reached the $1bn milestone in loan originations.
The platform launched in January 2013 and reaching this target shows the exponential growth of the platform.
Al Goldstein, Avant CEO, attributes Avant's growth to the company's increasing customer base and streamlined customer experience. He commented:
"We are currently at 200,000 customers and growing each day. What is unique about our product is that we cater to the middle class. We are one of the only marketplace lending platforms in the space focused on enhancing the borrowing experience for the everyday consumer and tailoring our products to fit each consumer's individual financial situation."
Avant says that its rapid growth has been driven by the use of accurate models driven by big data and machine learning algorithms that have transformed the traditional personal loan process into a streamlined, customer friendly experience.
In April the company launched Avant Institutional Marketplace. The marketplace allows institutional investors to purchase loans originated by the Avant technology platform. Avant also secured a $400 million financing arrangement to purchase newly originated loans, led by KKR, along with Jefferies and Victory Park Capital. This investment will have had a significant impact in helping Avant reach the $1bn mark.
Earlier this year Avant acquired ReadyForZero, an online mobile and planning tool that has successfully helped consumers pay down $220 million in debt. The company also expanded by opening offices in Los Angeles and expects to employ 1,000 people by the end of 2015. To date Avant has secured $1.4 billion in funding from investors including Tiger Global Management, Peter Thiel, KKR, DFJ Growth and RRE Ventures.