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AvantCredit, which offers installment loans and lines of credit to borrowers just below prime at higher interest than ordinary rates, has been rapidly expanding in the and has issued more than $400 million in loans in the U.S. and the U.K.
Chicago-based lender AvantCredit announced Thursday a $225 million Series D funding round, with money from existing investors Tiger Global Management and August Capital and from new investors DFJ Venture, RPE Ventures, KKR & Co. and PayPal co-founder Peter Thiel. The company said that brings its fundraising total to more than $1 billion in less than two years. It also received a $300 million expansion of a credit facility from Chicago-based Victory Park Capital. In total, the direct financing firm has committed to $500 million for attaining new customers and expanding its portfolio of products, AvantCredit said.
