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Victory Park Capital Provides $25MM Facility to

May 09, 2013, 07:51 AM
Filed Under: Lender Finance

Victory Park Capital, an asset management firm that specializes in direct credit and equity investing in middle- and lower-middle-market companies, announced a $25 million credit facility for Chicago-based AvantCredit, an online lending company offering loans between $1,000 and $10,000 to individuals. In addition to the credit facility, VPC also participated in AvantCredit's Series A equity round led by August Capital.

"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. We are excited to provide financing for AvantCredit as it expands its loan portfolio and meets the growing credit needs of consumers," said Brendan Carroll, co-Founder and partner at Victory Park Capital. "As traditional banks remain hesitant to lend across consumer segments, we will see the growth of new and innovative credit solutions like AvantCredit."

Launched in late 2012, AvantCredit provides customers with a new lending experience using state-of-the-art analytics methods and the highest data encryption security standards. Utilizing hundreds of distinct customer attributes including credit, social and meta data, the firm offers small businesses the highest approval likelihood with the lowest possible rates. The company is fully licensed and operating in 10 states. AvantCredit wrote its first loans in 2013 and within months has built up a loan portfolio of more than $4 million.

"This funding will allow us to grow our internal technology and analytics capabilities so that we can continue to offer our customers great online credit products that are lacking in today's market," said John Sun, co-Founder and chief risk officer of AvantCredit.

Victory Park Capital is an alternative investment firm that provides private debt and equity financing solutions to middle-market and lower middle-market companies across a wide range of industries.

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