By Edlyn Cardoza
- Avant credit card
- credit card receivables
WebBank recently announced that it has committed to invest up to $250 million in the liabilities of an Avant-sponsored securitization structure backed by credit card receivables. The investment will be used to meet continued demand and growth of WebBank’s Avant® MasterCard® credit card. WebBank’s investment will be made over a three-year rolling period.
“WebBank and Avant have a long-standing partnership that is driving consumer access to capital through several innovative credit products, including the Avant credit card,” said Jason Lloyd, President and 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 worked closely together for the past nearly decade to expand access to affordable, transparent financial products and together help advance the financial lives of our customers,” he said Matt Bochenek, CEO of Avant. “Deepening our partnership through this relationship will allow us to make credit card access easier for hundreds of thousands of additional underserved customers over the next three years.”
WebBank is a Utah licensed commercial bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and financed 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 lending products through platforms of strategic partners (brands) that include retailers, manufacturers, financial companies, software as a service (SaaS) and financial technology (FinTech) Company.
The bank is a leading player in digital lending, driving innovation in financial products through embedded financing with strategic partner platforms. WebBank engages in a full array of banking businesses, including consumer and business lending products, revolving lines of credit, credit cards, private label card issuance, automated refinancing and more.
The bank provides capital to strategic partner platforms, debt funds and other lenders in the form of asset-backed loans and other credit facilities, with a specific focus on specialty financing. The bank, through its wholly owned subsidiary National Partners, is also a leading provider of commercial insurance premium financial products.
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