Marketplace lending platform, Avant, announced on Monday it has surpassed $3 billion in loan originations in the past three years. With 440,000 customers worldwide, Avant is changing the way consumers borrow by lowering the costs and barriers of borrowing.
Founded in November 2012, Avant has reportedly demonstrated remarkable growth since inception and achieved a year-over-year growth rate in revenue of approximately 400% this past year. Nearly $2 billion in loans were originated through the Avant platform in 2015 alone and the company projects to double its loan portfolio to $6 billion in 2016.
Al Goldstein, CEO of Avant, stated:
“This is a huge accomplishment and speaks to the market demand for affordable and accessible personal loans. Avant has achieved massive growth while staying focused on our mission of expanding responsible access to credit for middle-class consumers. More than 480,000 loans have been issued through Avant and we expect that number to increase dramatically in the year ahead. To reach $3 billion in originations with an average loan size today of $8,000 illustrates the consumer need for this type of product.”
The company plans to continue its rapid growth trajectory in 2016 by adding new consumer-focused financial products to the Avant brand. Auto financing products are the next frontier for the company which includes auto secured loans as well as direct to consumer auto refinancing. Later this year, Avant also plans to unveil a credit card product.
“Our core focus on middle-class consumers can be attributed to much of our growth and success. Few financial institutions are catering to this demographic despite accounting for 40 percent of the population. We plan to continue increasing Avant’s market share over the next few years by leveraging our best-in-class technology to meet the financial needs of our consumers.”