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[Editor’s note: This is a guest post from Avant. Avant is a platinum sponsor and will be in attendance at LendIt...
I first became aware of CreditEase back in June 2013 at the inaugural LendIt conference in New York. We met...
ReadyForZero has notified users that the site will shutdown on November 12; the platform was acquired in 2015 by Avant to provide debt management and credit monitoring services for consumers; Avant is a marketplace lender focused on personal loans; users were notified of the consumer finance website's closing by an email from ReadyForZero and Avant has not provided any further details on the closing. Source
Avant's new partnership with Regions bank is helping growth projections and business development plans for the firm in 2017; Avant says the Regions partnership which began in October is expected to generate 25% of the firm's loan volume in 2017; the partnership includes referrals from Regions for customers who are not approved for loans; the firm also has four other partnerships planned for 2017; it plans to hire 125 new employees and is targeting monthly loan volume for 2017 of $250 million; also says it's launching a credit card product in July; the credit card will be offered to customers not approved for loans on the platform. Source
Online lender Avant was one company greatly affected by the industry's challenges in 2016; in May it laid off 60 workers with further reductions in July; it also paused its plans to expand into Australia and offer new auto loans and credit cards; a new partnership with Regions Bank has helped revive the company's growth and it also plans to announce another partnership in February; the new business activity has helped it to begin hiring again and it's currently looking for 25 technologists and some additional customer service support; in 2017 Avant's President, Adam Hughes, says the firm will focus on three main initiatives: growing Avant's core lending product, partnering with more brick-and-mortar banks and launching the credit card product; it also has plans to continue its previous initiatives including Australia expansion and auto loans. Source
Avant has been somewhat of a quiet achiever in the online lending space. In just over two years CEO Al...
Two of the leading marketplace lending platforms reported some more bad news this week as the industry continues to struggle...
According to a report by Bloomberg, four bonds comprised of online consumer lending loans have reached or are approaching trigger levels; the four bonds include three securitizations by Avant and one by CircleBack Lending; according to one source, two of Avant's securities breached triggers this month for the first time; the four offerings total over $500 million in size. Source
Many of us in this industry will be glad to see the last of 2016. It has been a difficult...
Avant has joined the Global Debt Registry (GDR) network; through the network partnership Avant's investors will have enhanced access to loan due diligence services; in comments regarding the partnership, Kevin Friedrich, senior director of treasury at Avant said, "We are delighted to partner with GDR to provide our investors with this independent loan data integrity service and help drive new transparency for the lending industry." Source