Online lender AvantCredit now fully authorised by UK regulator, FCA
Technology lending platform AvantCredit now fully authorised by FCA
The full authorisation by Financial Conduct Authority (FCA) covers all of AvantCredit’s credit and lending operations and includes permissions for credit broking, debt collection and debt administration.
The online lender, which describes itself as “a technology lending platform”, has been operating in the UK since October 2013. It says it has issued more than 70,000 loans to date, totalling nearly £200 million.
The company focuses on providing personal loans to “middle income customers” and is a subsidiary of Chicago-based Avant. It offers unsecured personal loans of £1,000-£20,000 for 12-48 months. “Customers apply online and may receive a credit decision within seconds, with funding available as soon as the same business day,” AvantCredit promises.
Earlier this year, it secured debt financing of £130 million from a number of financial institutions. The financing from this deal was used to fund AvantCredit’s loans.
It has also recently appointed two high-profile non-executive directors of the board: H. Eugene Lockhart (former global president and CEO of MasterCard) and John Uphoff (former head of global collections at HSBC Retail Banking).
Read our exclusive interview with Jurgen Hutter, head of strategy and commercial development at AvantCredit, on how UK banks can deliver service to customers. Hutter suggests forming partnerships with fintechs. Can these potential competitors be the banks new best friends? He offers a cautious “yes”.
