US-based credit education startup ReadyForZero, backed by financial institution Citigroup’s corporate venturing arm Citi Growth Ventures and Innovations, has been acquired by big data company Avant, Pando reported yesterday.
ReadyForZero secured a $4.5m series A round from Citi Growth Ventures and Innovations in 2011. Polaris Venture Partners and angel investors also participated in that round.
Avant acquired ReadyForZero, which graduated from accelerator Y Combinator in 2010 with $17,000 in seed funding, through a cash and stock transaction. The value of the transaction has not been disclosed.
ReadyForZero has developed a repayment platform that helps consumers repay debt, and since its launch has helped user pay down some $220m and raise their credit rating. The platform will remain stand-alone post-acquisition as well as be integrated into Avant’s offering. ReadyForZero’s 12 employees will relocate to Los Angeles and work for Avant.