Investment Enables Continued Growth of Avant® MasterCard® Credit Card
WebBank announced it has committed to invest up to $250 million in the obligations of a securitization structure sponsored by Avant that are secured by credit card receivables. The investment will be used to meet the continuing demand and growth of the Avant® MasterCard® Credit Card issued by WebBank. WebBank’s investment will be applied over a three-year revolving term.
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“WebBank and Avant have a longstanding partnership driving access to capital to consumers through multiple innovative credit products including the Avant Credit Card,” said Jason Lloyd, President & CEO of WebBank. “The Bank is pleased to provide an additional investment in the Avant Credit Card program to provide the necessary capital for long-term growth.”
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“WebBank and Avant have partnered closely over the last almost decade to expand access to affordable, transparent financial products, and together to help move our customers’ financial lives forward,” said Matt Bochenek, CEO of Avant. “Deepening our partnership through this relationship will allow us to facilitate access to credit cards for hundreds of thousands of additional underserved customers over the next three years.
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