loanDepot And Avant Announce Partnership To Help More Borrowers Access Credit

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Mar 22, 2016, 01:30 ET

IRVINE, Calif., March 22, 2016 /PRNewswire/ -- loanDepot, America's lender, today announced a partnership with Avant, a leading online marketplace lending platform, that will expand credit options to responsible borrowers nationwide. Under the agreement, these two FinTech platforms have teamed up through an API integration that will expand access to credit through a borrower referral powered by a seamless digital experience. As a result, responsible borrowers will have expanded access to credit products that better align with their financial needs.

Avant logo.

"Consumer demand for credit continues to climb across the country, but not everyone has access to the credit they want or need," said loanDepot, LLC CEO and Chairman Anthony Hsieh. "The launch of our personal loans has been incredibly successful. We've funded over $400 million in personal loans to more than 26,000 consumers since the launch of the product. Through this partnership with Avant, loanDepot will be better positioned to help consumers who are traditionally outside our core borrower base to access credit. This initiative supports our strategy to evolve and enhance the loanDepot brand to meet increasing consumer demand in all market cycles. We look forward to working with Avant in meeting America's growing credit needs."

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.

ABOUT LOANDEPOT, LLC
loanDepot, America's lender, matches borrowers through technology and high-touch customer care with the credit they need to fuel their lives. As a fast-growing national marketplace lender, the loanDepot platform is disrupting finance by dissolving the lines between mortgage and nonmortgage credit. The company has funded over $60 billion in loans since its inception. loanDepot is passionate about emerging financial technology and dynamic product delivery supported by excellent customer service to empower consumers. Headquartered in Southern California, loanDepot employs 5,200+ people across the country including 1,700+ licensed loan officers, and operates 150+ loan stores nationwide. The company operates under the brand names loanDepot, imortgage, Mortgage Master, LDWholesale and LDEscrow. NMLS # 174457

ABOUT AVANT
Avant is a fast-growing marketplace lending platform that is lowering the costs and barriers of borrowing for consumers. Through the use of big data and machine-learning algorithms, the company offers a unique and highly customized approach to streamlined credit options. At its core, Avant is a tech company that is dedicated to creating innovative and practical financial products for all consumers. To date, Avant has secured more than $1.7 billion in funding and arranged to sell another $1.8 billion through its institutional marketplace. More than 480,000 loans have been issued worldwide through the Avant website. Avant operates under the name AvantCredit in the United Kingdom. Avant has been featured in publications such as The Wall Street Journal, The New York Times, TechCrunch, Fortune, Bloomberg and Crain's Chicago Business. In 2015, Avant was named to Forbes America's Most Promising Companies list as well as Forbes list of Next Billion Dollar Startups. Find out more at www.avant.com.