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“Borrow better, faster” |
Founded: 2012 in Chicago, Illinois, USA
Category: Financial Technology / Artificial Intelligence Primary office: Chicago, IL Core technical team: Chicago, IL Status: Private Employees: 500 Amount raised: $1.6 billion (12 rounds – March 2018) |
OVERVIEW
PERFORMANCE METRICS
ACHIEVEMENTS
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Sells
- Online personal loan for Individuals
- Avant Credit cards – providing access to individuals who do not have access to installment loans
- Amount – proprietary integrable online lending platform for third-party lending institutions
- Loan amounts range from $2,000 to $35,000 with an annual percentage rate ranging from 9.95% to 35.99% and loan lengths ranging from 24 to 60 months
Channels
- User-friendly Online and Mobile Apps (iOS & Android)
- Partnership with banks and local financial service companies
- Affiliate marketing
Competencies
- Founder-led Management team
- Artificial Intelligence, Data Analytics
- Cybersecurity – Fraud detection, highly secured and encrypted platforms
Resources
Assets
- Top Corporate clientele includes TD Bank, HSBC, etc.
- Proprietary lending platform
- Partners with Amazon Web services for secure cloud server technologies
Processes
- Data driven – customer analytics inform all product decisions
- Build, test and learn – learn quickly to find out what works, without sacrificing bottom line
- User-friendly omni-channel platform
- 100% online applications with speedy approval processes
- Credit cards offers theft and fraud protection
- Flexible repayment system – online, mobile, available 24/7
Priorities
- Continuously raise funds – Launch Initial Public Offering (IPO)
- Grow highly skilled and diversify workforce
- Increase product diversity
Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely
- Increase market share by applying digital technology to brand, market, sell, and service customers more cost-effectively than competitors
- Access resources required to scale at relatively low cost or for free by creating benefits for the resource owners that they cannot create alone
- Apply processes that make products and services easier to understand, produce and deliver
- Develop and sell products that address a problem, job to be done or a need that is shared by a large and growing number of individuals and organizations in various regions to increase sales.
- Increase the company’s value by continuously seeking and receiving funding to support the company’s plan to scale and improve its image in the marketplace
- Continuously improve the user interfaces and applications that directly influence the entirety of the customer experience including personalized content, quality messaging, and the delivery and returns process to increase sales
- Continuously improve value propositions based on results and feedback
References
Avant website. https://www.avant.com/about-us/
Craft. 2019.Avant. https://craft.co/avantcredit/metrics
Crunchbase. 2019. Avant. https://www.crunchbase.com/organization/avant-credit
Daniels, S. 2020. Avant splits into two companies with potential IPO eyed for one. [online]. Crain’s Chicago Business. https://www.chicagobusiness.com/finance-banking/avant-splits-two-companies-potential-ipo-eyed-one
Owler. 2019. Avant. https://www.owler.com/company/avant
Contributors
- Yinka Olanrewaju-Olawepo