SVP, Corporate Communications
Alternative Lending Leader Gains the Scalability, Agility and Insight to Move at the Pace of Modern Business
SAN MATEO, Calif.—January 28, 2016—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Avant, a marketplace lending platform, went live on NetSuite OneWorld to manage mission-critical business processes. Avant is now relying on NetSuite OneWorld to run financial consolidation, accounts payable, multi-subsidiary management and multicurrency management for the American and Canadian dollars and the British pound. NetSuite OneWorld gives Avant the ability to streamline business processes across all subsidiaries, gain operational efficiency, reduce IT cost and overhead, access real-time insights into its business, and gain the agility and scalability it needs to support its hyper growth trajectory.
Alternative financing companies are transforming the traditionally staid financial services industry by providing consumers with alternatives for securing financing that significantly reduce approval times by leveraging advanced analytics and offering quick customer-friendly online applications. These fast-growing businesses quickly find their entry-level accounting systems stifling their growth, while legacy on-premise systems are not agile and flexible enough to meet the needs of modern businesses, and some cloud-based systems cannot provide the sophisticated auditability and financial controls for businesses preparing for additional growth.
NetSuite provides alternative financing companies with:
Avant, one of the fastest-growing businesses in the sector, was founded in late 2012 by John Sun, Paul Zhang and Al Goldstein with a mission to lower the cost and barriers of borrowing to an underserved market. Avant has grown quickly by delivering a streamlined customer experience that offers consumers responsible access to credit by leveraging an advanced analytics platform that minimises investor risks. Avant experienced a remarkable 971 percent growth rate in 2013-2014 and expects 400 percent top line growth this year. The company quickly discovered the limits of managing its financials on its existing systems, which relied on manual processes that lacked workflow controls.
“Our previous system just couldn’t keep pace with the rapid growth we’ve seen in our industry and our business,” said Al Goldstein, CEO of Avant. “NetSuite gives us the agility to adapt to change and the scalability we need as we continue to grow domestically and globally.”
After an evaluation process, Avant selected NetSuite to continue to focus on innovation and growth, deploying NetSuite OneWorld as a system that could grow and scale with the business with robust reporting, an intuitive user interface and cloud-based architecture.
NetSuite’s agile, flexible and scalable platform has helped Avant achieve the following benefits:
“Avant is among a growing number of financial services companies innovating in a market that’s ripe for disruption and are relying on NetSuite’s cloud platform,” said NetSuite President and COO Jim McGeever. “We’re excited to see Avant’s success and look forward to helping them grow.”
Today, more than 24,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-ready cloud business management suites of enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
Avant is a fast-growing marketplace lending platform that is lowering the costs and barriers of borrowing for consumers. Through the use of big data and machine-learning algorithms, the company offers a unique and highly customised approach to streamlined credit options. At its core, Avant is a tech company that is dedicated to creating innovative and practical financial products for all consumers. To date, Avant has secured more than $1.7 billion in funding and arranged to sell another $1.8 billion through its institutional marketplace. More than 400,000 loans have been issued worldwide through the Avant website. Avant operates under the name AvantCredit in the United Kingdom and Canada. Avant has been featured in publications such as The Wall Street Journal, The New York Times, TechCrunch, Fortune, Bloomberg and Crain’s Chicago Business. In 2015, Avant was named to Forbes America's Most Promising Companies list as well as Forbes list of Next Billion Dollar Startups. Find out more at www.avant.com.
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