Avant has raised $250 million of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds, according to a release.
Avant is an online lender that targets alternative assets like specialty finance, leasing, structured products and more. Matt Bochenek, CEO of Avant, said the money will fuel their credit portfolio enabling a “stronger competitive advantage.”
The funding follows a $250 million securitization in September bringing its total asset-backed debt financing commitments secured by Avant in 2022 to $1.1 billion and total commitments to over $1.6 billion to support its consumer credit portfolios.
In January, the Avant Credit Card, issued by WebBank, reported that it had surpassed one million customers.
“We are excited to support the Avant platform through this next phase of growth,” said Jeffrey Kramer, Partner in the Ares Alternative Credit strategy. “Our flexible capital base helped us meet Avant’s evolving needs, and we look forward to continuing our long-standing relationship.”
To date, Avant has provided access to over $9 billion in credit, serving almost three million customers.