AvantCredit is getting the green light from UK regulators with the FCA now fully authorising the online lender.
The company is the UK-focused subsidiary of Chicago-based Avant that launched in 2003.
It has issued more than 70,000 loans worth almost £200m since then.
The FCA is the conduct regulator for 56,000 financial services and markets in the UK.
Its authorisation of AvantCredit covers all of its credit and lending operations and also includes permission for credit broking, debt collection and debt management.
The company’s MD Raj Singh said, “Full authorisation from the FCA is a significant step forward as we enter our next phase of growth.”
AvantCredit offer loans of between £1,000 and £20,000 to middle-income consumers with loan terms between 12 to 48 months.
This year the firm raised £130m in debt financing from financial institutions taking its total raised in the UK to more than £300m.
Parent company Avant is valued at $2bn and has raised almost $1.8bn in a combination of debt financing and venture funding from investors including Chicago VC Victory Park Capital, as well as August Capital and Tiger Global Management.
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