AvantCredit raises $20M for big-data-based personal loans

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A Chicago-based startup called AvantCredit has raised a $20 million series B round for its personal loan service that uses machine learning algorithms to assess credit-worthiness. AvantCredit closed a $34 million Series A round earlier this year. It’s taking a page out of the ZestFinance playbook — lending to underserved markets at rates less usurious than traditional payday-loan providers — although that company now acts only as an underwriter rather than an actual lender.

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Gary Nitz

Posper Marketplace raised $25mm in a new round of funding led by Sequoia Capital and Black Rock in late September. Prosper is a peer to peer lending platform where borrowers submit funding requests and investors bid on the terms. More information can be found at http://www.prosperpersonalloans.com

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