[Abstract]Avant loans for the credit between superior and secondary between consumers, the loan interest rate is 9%-36%.
technology news in September 30th, according to the "fortune" website reported, headquartered in Chicago online lending start-ups Avant has received a lot of financing, which helps the company to expand product categories and promote the initial public offering (IPO).
"fortune" website was informed that the Avant network platform for consumer loans has received $325 million through equity financing, its valuation is more than $1 billion, among the ranks of the unicorn club ". The so-called Unicorn company is the valuation of more than $1 billion of start-ups.
, however, according to news aggregation website BuzzFeed reported that Avant’s valuation of close to $2 billion, specifically for $1 billion 975 million.
round of investment led by private equity fund General Atlantic, is expected to be formally completed in mid October. Other investors as well as hedge funds Balyasny Asset Management and Tiger Management, August Capital, RRE Venture, DFJ Growth and other existing investors. More investors are expected to participate, but the total investment of $325 million will not change.
Avant co-founder and CEO al · Goldstein (Al Goldstein) said that the company hopes to become a middle-income consumer credit service provider for the future size of $50 billion or $100 billion.
Goldstein said: "over the past few years, we have been working with General Atlantic dialogue. We really believe that when they develop their business, their participation can bring great value."
since its inception in 2012, Avant through equity financing has received $more than 600 million of funds, and through the form of debt to Jefferies, J.P. Morgan Chase, Kohlberg Kravis Roberts & Co. Park and Victory Capital for $1 billion 100 million. The company also plans to sell $1 billion 800 million in loans through its institutional market, allowing qualified institutional investors to buy loans generated from the Avant platform.
now, the network is not a new loan. However, Avant from the target audience (between credit grade and secondary among consumers) and sources of funding (from its own platform, rather than two P2P) with other competitors to achieve differentiation. The company believes that the former factor can make it