WebBank invests $250 million in Avant to support credit card program growth
SALT LAKE CITY–(BUSINESS WIRE)–WebBank today announced that it has committed to invest up to $250 million in the bonds of an Avant-sponsored securitization structure that are secured by credit card receivables. The investment will be used to meet continued demand and growth for the Avant® MasterCard® credit card issued by WebBank. WebBank’s investment will be applied over a renewable period of three years.
“WebBank and Avant have a long-standing partnership that provides consumers with access to capital through several innovative credit products, including the Avant credit card,” said Jason Lloyd, President and CEO of WebBank. “The Bank is pleased to provide additional investment in the Avant Credit Card program to provide the capital needed for long-term growth.”
“WebBank and Avant have worked closely together over the past decade to expand access to affordable and transparent financial products, and together to help advance the financial lives of our customers,” said Matt Bochenek, CEO of Avant. . “Deepening our partnership through this relationship will allow us to make credit cards easier to access for hundreds of thousands of additional underserved customers over the next three years.”
About Web Bank
WebBank is a Utah chartered industrial bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $150 billion in consumer and commercial credit products. As “The bank behind the brand®”, WebBank is a national issuer of consumer and small business credit products through strategic partner platforms (brands), which include retailers, manufacturers, finance companies, software as a service ( SaaS) and financial technology companies (FinTech). The Bank is a leading player in digital lending, driving innovation in financial products through integrated finance with strategic partner platforms. WebBank engages in a full range of banking activities, including consumer and commercial loan products, revolving lines of credit, credit cards, private label card issuance, automatic refinancing and more Again. The Bank provides capital in the form of asset-backed loans and other credit facilities to strategic partner platforms, credit funds and other lenders, with a focus on specialist financial assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, visit www.webbank.com.
Avant provides access to a full suite of digital financial solutions, including personal loans, credit cards, mobile banking and auto refinance, to everyday American consumers. Through a combination of technology, analytics, and superior customer service, Avant gives underserved consumers access to credit with innovative products that simplify and improve their financial journeys. Since 2012, Avant has connected more than 2 million customers to $8 billion in loans and over 1 million credit cards. A credit-focused neobank, Avant has been featured in The Wall Street Journal, The New York Times, TechCrunch, Fortune, and Bloomberg, and has raised over $650 million in equity. For more information about Avant, visit www.avant.com.
Avant, LLC is a fintech company, not a bank. Banking services are provided by Evolve Bank & Trust. Avant branded credit products are issued by WebBank.