The online lending platform, which has previously made headline after headline after headline for reaching milestones few other tech companies ever achieve, today announced that it has surpassed $3 billion in loan originations. It’s an impressive feat in its own regard, but when paired with that fact that the startup is just over three years old, Avant’s rise to the top has been nearly astronomical.
“This is a huge accomplishment and speaks to the market demand for affordable and accessible personal loans,” said Avant’s CEO Al Goldstein in a statement. “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.”
About two-thirds of those dollars were originated in 2015 alone. At the rate they're accelerating, the company said it expects to cross over $6 billion dollars across its portfolio by year’s end.
The company counts 440,000 customers globally and boasts a year-over-year revenue growth of about 400 percent. That growth has been supported by a one of the largest pools of tech talent in the Chicago area. And that team is growing fast: the company just moved into a brand new office space at 222 N. Lasalle to help house them.
In addition to that milestone, the company said it plans to expand its financial product offerings throughout the year. In addition to auto-secured loans and direct-to-consumer auto refinancing, Avant is also developing a credit card product scheduled for released later this year.
“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,” Goldstein said. “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.”
Photo via Avant.