Avant gets $250 million in funding via Ares Management

By William Gullotti

Buffalo, N.Y., Dec. 7 – Avant, LLC secured $250 million of debt financing and redeemable preferred equity via Ares Management Alternative Credit, according to a press release on Wednesday.

The deal follows a $250 million securitization in September and multiple other success markers throughout 2022, including a multi-year exclusive partnership with Major League Soccer for a co-branded fan affinity credit card.

The aforementioned securitization brought the total amount of asset-backed debt financing commitments secured by Avant in 2022 to $1.1 billion, upping Avant’s total commitments to over $1.6 billion to support its consumer credit portfolios.

“This capital infusion from Ares will further fuel our credit portfolio and next-gen platform, enabling stronger competitive advantage,” said Matt Bochenek, chief executive officer of Avant, in the press release.

FT Partners served as strategic and financial adviser to Avant for the transaction.

Further details regarding the breakdown of the funding, and the terms of either, were not included in the press release.

Avant is a non-bank financial technology company that focuses on serving the needs of non-prime U.S. consumers with personal loans and credit cards.

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