loanDepot and Avant Partner to Expand Credit Options to Responsible Borrowers Nationwide
- Alternative Finance
- 22.03.2016 10:30 am
Today, loanDepot delivers consumers access to credit through purchase, refinance, personal, and home equity loans online and through eight nationwide customer-care supported tech-enabled business centers.
Avant, one of the fastest-growing marketplace lending platforms in the industry, offers streamlined access to personal loans ranging from $1,000-$35,000. The technology uses machine-learning algorithms and advanced analytics to approve customers in real-time and delivers funds as soon as the next business day. Headquartered in Chicago, Avant has grown from a three-person startup to more than 950 employees worldwide with operations in the United States and the United Kingdom.
"loanDepot has a proven track record of excellence and is a leader within the lending industry," said Al Goldstein, CEO of Avant. "This strategic partnership aligns Avant's in-house technology platform with complementary financial institutions in the bank and nonbank space and confirms Avant's commitment of extending responsible access to credit to middle-class consumers."
Founded in late 2012, Avant has grown to become one of the leading online lending platforms in the industry. More than 480,000 loans have been issued through the Avant platform with loan originations reaching more than $3 billion globally. The company recently closed a $325 million Series E funding round and has raised a total of $1.7 billion in debt and equity funding.
This agreement with Avant reaffirms loanDepot's commitment to be America's lender of choice. Since 2010, the company has experienced a 400-percent annual market-share growth. Today, the company employs more than 5,200 people, including 1,700+ licensed loan officers offering responsible borrowers personal loans, refinance, purchase and home equity loans nationwide. Since inception in 2010, loanDepot has funded more than $60 billion in mortgage and nonmortgage loans.