Summary
Aperture Investors' $300M asset-based financing facility with Avant represents the growing convergence of institutional private credit and fintech lending platforms. In an asset-based facility, the loan is secured against Avant's underlying consumer loan and credit card portfolio, giving Aperture secured exposure to a diversified pool of consumer credit. Avant uses the facility to fund growth in its credit card and personal loan products for middle-income US consumers. The deal builds on Aperture's Asset-Based Finance strategy launched in 2025, which aims to deliver bespoke funding to consumer and commercial finance businesses.
Key Points
- $300M asset-based financing facility led by Aperture Investors (Generali Investments)
- Avant: 4.5M+ 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 (June 30, 2026)
- Asset-based: facility secured against Avant's loan/credit card portfolio
- 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"
- Part of broader trend: institutional private credit flowing into fintech lending
- Similar deals: Sixth Street/Affirm ($4B), Blue Owl/SoFi ($5B), Blue Owl/Pagaya ($2.4B), Fortress/Upstart ($2.45B)