The latest funding comes just four months after the company closed its Series A round, and brings its total debt and equity raised to more than $54m.
AvantCredit said it planned to use the new capital to grow its loan portfolio, expand geographically and develop its machine-learning lending platform.
It currently provides personal loans between $1,000 and $20,000 to near-prime borrowers across a swathe of US states.
August partner Eric Carlborg said, “We are excited to continue to support AvantCredit.
“In just a few months, the company has built a unique underwriting algorithm and demonstrated operational excellence with efficient customer acquisition and disciplined loan servicing processes.
“The capital we are providing is to help AvantCredit to continue on this trajectory.”
The company says that unlike other businesses in the solid state device and hybrid storage space, it had generated more revenue than it has taken from outside financing rather than rely on exterior investment for working capital.
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