Online lender Avant has launched Avant Institutional Marketplace, an initiative enabling institutional investors to purchase loans originating on Avant’s platform. The lead investors in the $400 million financing are KKR, Jefferies, and Victory Park Capital.
Avant CEO Al Goldstein is excited about KKR’s participation. “KKR is a best-in-class financial institution with a longstanding reputation for building significant value for its partners,” Mr. Goldstein said in a release.
KKR Managing Director Michael O’Donovan sees the institutional marketplace as the next step in Avant’s growth. “Avant is driving changes for the lending industry and has demonstrated a strong track
record of excellence,” Mr. O’Donovan said. “We support Avant’s dedication to innovation in this emerging market and, we believe the Avant Institutional Marketplace will deliver attractive, risk-adjusted returns to our investors.”
The $400 million raised brings Avant’s total capital raise to more than $1.4 billion. Previous participants include Peter Thiel, Tiger Global Management, August Capital, DFJ Growth and RRE Ventures.
This announcement is the latest in a stirng of good news for Avant, which recently announced a Los Angeles expansion and the purchase of online and mobile personal debt management tool provider ReadyForZero.