Avant, the online lender, has raised $139m in debt led by Jefferies and another $200m in debt co-led by J.P. Morgan and Credit Suisse. Avant’s total funding raised is now over $1b in debt financing and $334m in equity financing. The lender is going to need it as it looks to compete directly with Lending Club. CEO Al Goldstein explained that Avant want to focus to the U.S. and U.K. middle class, with loans ranging from $1,000 to $35,000. The average loan size is $8,000
The upstart online lender has raised additional debt financing from Jefferies, J.P Morgan, and Credit Suisse. Avant, an online consumer loan provider, is getting a big vote of confidence from a number of banking giants. The online lender said Thursday that it has raised $139 million in debt led by Jefferies and another $200 million in debt co-led by J.P. Morgan JPM -0.54% and Credit Suisse. The company, who which counts PayPal co-founder and venture capitalist Peter Thiel, and private equity giant Kohlberg Kravis Roberts KKR -2.11% as investors, is part of the wave of upstarts that lend people money online. Unlike Lending Club LC 3.15% , which connects borrowers with outside lenders, Avant makes loans to consumers from its own capital and debt.
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