The investment will be used to grow the Avant MasterCard Credit Card issued by WebBank. WebBank’s investment will be applied over a three-year revolving term.
WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah, and 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 company engages in a 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.
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