AvantCredit, a US-based online platform for personal loans of between $1,000 and $10,000, has raised $9m in its series A round from a consortium including venture debt provider Victory Park Capital and led by venture capital firm August Capital.
Victory Park also provided a $25m credit facility to AvantCredit, which wrote its first loans this year and now has a loan portfolio of more than $4m.
Brendan Carroll, co-founder and partner at Victory Park, said: “The team at AvantCredit has developed a robust suite of risk management processes that evaluate consumer credit and make highly competitive loans to underserved borrowers.
“As traditional banks remain hesitant to lend across consumer segments, we will see the growth of new and innovative credit solutions like AvantCredit.”