WebBank invests $250m in Avant to support growth of credit card program

By Edlyn Cardoza

WebBank recently announced it has committed to invest up to $250 million in the obligations of a securitisation structure sponsored by Avant that is 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.

“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.”

“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.”

WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $150 billion in consumer and commercial credit products. As “The Bank Behind the Brand®”, WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, finance companies, software as a service (SaaS) and financial technology (FinTech) companies.

The Bank is a leading player in the digital lending space, driving innovation in financial products through embedded finance with Strategic Partner platforms. WebBank engages in a full range of banking activities, including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more.

The Bank provides capital in the form of asset-backed lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on speciality finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners.