Investment Enables Continued Growth of Avant® MasterCard® Credit Card
SALT LAKE CITY–(BUSINESS WIRE)–WebBank announced today it has committed to invest up to $250 million in the obligations of a securitization structure sponsored by Avant that are secured by credit card receivables. The investment will be used to meet the continuing demand and growth of the Avant® MasterCard® Credit Card issued by WebBank. WebBank’s investment will be applied over a three-year revolving term.
“WebBank and Avant have a longstanding partnership driving access to capital to consumers through multiple innovative credit products including the Avant Credit Card,” said Jason Lloyd, President & CEO of WebBank. “The Bank is pleased to provide an additional investment in the Avant Credit Card program to provide the necessary capital for long-term growth.”
“WebBank and Avant have partnered closely over the last almost decade to expand access to affordable, transparent financial products, and together to help move our customers’ financial lives forward,” said Matt Bochenek, CEO of Avant. “Deepening our partnership through this relationship will allow us to facilitate access to credit cards for hundreds of thousands of additional underserved customers over the next three years.”
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 (Brand) platforms, which include retailers, manufacturers, finance companies, software as a service (SaaS) and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through embedded 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, auto-refinancing and more. The Bank provides capital in the form of asset-backed lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, please 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-first neobank, Avant has been featured in The Wall Street Journal, The New York Times, TechCrunch, Fortune and Bloomberg, and has raised over $650 million of equity capital. For more information on Avant, visit www.avant.com.
Avant, LLC is a financial technology company, not a bank. Banking services are provided through Evolve Bank & Trust. Avant-branded credit products are issued by WebBank.