Daily News: May 9, 2013

Victory Park Capital Provides $25MM to AvantCredit

Asset management firm Victory Park Capital (VPC) announced a $25 million credit facility for Chicago-based AvantCredit, an online lending company offering loans between $1,000 and $10,000 to individuals. In addition to the credit facility, VPC also participated in AvantCredit’s Series A equity round led by August Capital.

“The team at AvantCredit has developed a robust suite of risk management processes that evaluate consumer credit and make highly competitive loans to underserved borrowers. We are excited to provide financing for AvantCredit as it expands its loan portfolio and meets the growing credit needs of consumers,” said Brendan Carroll, co-founder and partner at Victory Park Capital. “As traditional banks remain hesitant to lend across consumer segments, we will see the growth of new and innovative credit solutions like AvantCredit.”