– USA, IL – AvantCredit, the fastest-growing online consumer lending company that is transforming the banking industry, announced today the appointment of James (Jim) Robinson III and Siddharth N. (Bobby) Mehta to its board of directors, effective immediately. Robinson is a Co-Founder and General Partner at RRE Ventures, LLC and previously served as Chairman and CEO at American Express (AMEX); Mehta served as the President and CEO of the international credit bureau TransUnion LLC, and previously as the CEO of HSBC Finance Corporation and HSBC North American Holdings, Inc.
“Jim and Bobby are two industry heavyweights with distinguished track records in the financial services industry and a deep understanding of how technology can drive transformation,” said Al Goldstein, AvantCredit’s Chief Executive Officer and Co-Founder. “Their unique insights into the dynamics of consumer credit will allow us to better assess and manage our credit risk profiles – an element that is instrumental to our ability to grow and scale the business.”
“In just a short period of time AvantCredit has generated impressive growth – surpassing more than 100,000 customers and increasing loan volume by more than 500 percent since its third quarter last year,” said Robinson. “The company has proven it has the skill and expertise needed to drive continued long-term growth and provide a vital high-quality service to its many customers.”
In addition to his role at RRE Ventures, Robinson also serves as President at J. D. Robinson, Inc. Prior to his role as Chairman and CEO at American Express Company, he was a General Partner with White Weld & Co. He has been a long time Director of the Coca Cola Company and has served as Presiding Director. He also serves as Lead Independent Director of OnDeck Capital, Inc. and is on the Board of Prime Revenue, Business Insider and K2 Intelligence.
“AvantCredit is pioneering the changes that this industry has lacked over the last 30 years,” said Mehta. “These innovations not only give consumers a superior product, but also an enhanced experience that traditionally has not been associated with the banking process.”
Prior to his roles at TransUnion and HSBC, Mehta was a Senior Vice President at the Boston Consulting Group and co-head of the firm’s North American Financial Services Practice. He currently serves on the boards of Allstate Insurance, TransUnion LLC, Datacard, Piramal Enterprises, the Chicago Field Museum, the Chicago Public Education Fund, the University of Chicago Laboratory Schools and the Myelin Repair Foundation.
“As we near our second anniversary on Jan. 1, it’s evident that the tremendous success we’ve achieved in 2014 speaks volumes to the type of growth we anticipate for 2015 and beyond,” added Goldstein. “In less than two years we’ve already exceeded $1 billion in total funding and serviced more than $500 million in personal loans. Adding high-caliber talent such as Jim and Bobby to our bench strength will continue to keep us focused on our core mission – to make it easier and cheaper for consumers around the world to borrow money responsibly.”
AvantCredit is changing the way online banking customers borrow money. Utilizing advanced algorithms and machine-learning capabilities, the company offers a unique and highly customized approach to the personal loan process. The combination of technology, analytics and customer service capabilities allows the company to offer an easy-to-use online process for loans to borrowers, all entirely online.
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