NetSuite Stakes Claim in Alternative Lending IndustryJanuary 28, 2016 | By: Sean Murray
NetSuite (NYSE: N), a San Mateo, CA based software company that employs thousands of people, has been planting their flag throughout the alternative lending industry. Earlier today, they announced that Avant, an online marketplace for consumer loans, has gone live on NetSuite OneWorld to manage their “mission-critical business processes.”
In September, Avant had received a private market valuation of nearly $2 billion after completing a Series E round, with one of the investors being JPMorgan Chase.
“Our previous system just couldn’t keep pace with the rapid growth we’ve seen in our industry and our business,” Avant CEO Al Goldstein is quoted as saying in the release. So they turned to a NetSuite product.
NetSuite has a public valuation of over $5 billion and is a popular choice in the alternative lending industry for companies who require scalability. For example, NetSuite OneWorld can support 190 currencies, 20 languages, and automate the tax compliance for over 100 countries. Avant already operates in 3 countries, The US, UK and Canada. More than 24,000 companies and subsidiaries use NetSuite.
“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,” NetSuite President Jim McGreever is quoted as saying in their release. “We’re excited to see Avant’s success and look forward to helping them grow.
To date, Avant has issued more than 400,000 loans worldwide.
Several business lenders and merchant cash advance companies also use NetSuite.Last modified: January 28, 2016
Sean Murray is the founder of deBanked, an 11-year veteran of the merchant cash advance industry, a casual Lending Club and Prosper note investor, the co-founder of Daily Funder, an alternative lending speaker, consultant, writer, and enthusiast. Connect with me on LinkedIn or follow me on twitter.