Avant, a US-based credit-first technology company, has secured $250m in funding from Ares Management Alternative Credit funds (Ares).

The latest funding comprises corporate debt and redeemable preferred equity.

Avant, which offers financial solutions such as personal loans and credit cards, is focused on serving non-prime consumers, who are underserved by traditional financial entities.

Ares’ investment comes after a $250m securitisation in September 2022.

Avant CEO Matt Bochenek said: “Avant has established a track record of success over the course of a decade of delivering on our mission to empower customers to reach their goals with innovative solutions designed to move their financial lives forward.

“This capital infusion from Ares will further fuel our credit portfolio and next-gen platform, enabling stronger competitive advantage.”

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With the September securitisation agreement, the total amount of asset-backed debt financing commitments secured by Avant reached to $1.1bn.

Ares Alternative Credit strategy partner Jeffrey Kramer said: “We are excited to support the Avant platform through this next phase of growth. Our flexible capital base helped us meet Avant’s evolving needs, and we look forward to continuing our long-standing relationship.”

The fintech claims that since its inception in 2012, it has offered over $9bn in credit to around three million customers.

Last December, Avant expanded its product portfolio by launching Avant Banking.

The offering was designed to provide services including spending accounts, debit cards, ACH transfers, and early payday access to underbanked customers.