Summary
Aperture Investors, an alternative asset manager within Generali Investments, led a $300M asset-based financing facility with fintech Avant. The facility provides Avant with adaptable capital to fuel expansion across its data-driven, multi-product platform serving middle-income US consumers. Avant has reached 4.5M+ unique customers, supplied $13.7B+ in personal loans and 3.1M+ credit cards, and connected customers to $16.8B+ in credit overall. Aperture's Asset-Based Finance strategy, launched in 2025, focuses on bespoke funding for consumer and commercial finance businesses.
Key Facts
- $300M asset-based financing facility led by Aperture Investors (Generali Investments)
- Avant: founded 2012, data-driven multi-product platform for middle-income US consumers
- 4.5M+ unique customers; $13.7B+ personal loans; 3.1M+ credit cards; $16.8B+ total credit
- Avant branded credit card issued by WebBank (launched 2017)
- Aperture ABF strategy launched 2025; $6.72B AUM (as of June 30, 2026)
- Aperture global head Nick Turgeon: "high-quality partners that combine dynamic underwriting models with proven operating capabilities"
- Avant CEO Al Goldstein: "flexible funding to grow our credit card portfolio while maintaining discipline and risk management"
- Builds on established relationship between Avant and Aperture's ABF team
Why It Matters
The Aperture-Avant facility is another data point in the growing trend of institutional private credit flowing into fintech lending platforms. Asset-based financing — where the facility is secured against the underlying loan portfolio — is becoming the standard structure for this capital. For Avant, the $300M provides flexible funding to grow its credit card portfolio. For Aperture, it's a repeatable template for its ABF strategy. The deal also highlights the continued demand for consumer credit among middle-income Americans, a segment that traditional banks have been serving less aggressively.