Avant Secures $250 Million In Funding From Ares Management Corporation

CHICAGO--(BUSINESS WIRE)--Avant, LLC, a credit-first financial technology company* that provides access to innovative financial solutions to underserved non-prime consumers (Avant), today announced it secured $250 million of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds (Ares). In August, the financial technology company unveiled a new multi-year exclusive partnership with Major League Soccer (MLS) for a co-branded fan affinity credit card that will be powered by Avant and issued by WebBank.We are excited to support the Avant platform through this next phase of growth, said Jeffrey Kramer, Partner in the Ares Alternative Credit strategy. Through a combination of technology, analytics, and superior customer service, the Avant platform is designed to serve the non-prime U.S. consumer, largely underserved by traditional financial institutions. Avant-branded credit products are issued by WebBank.Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. Co-Headed by Keith Ashton and Joel Holsinger, Ares Alternative Credit leverages a broadly skilled and cohesive team of approximately 50 investment professionals as of September 30, 2022.