Avant Said to Slash Target for Online Lending, Reduce Staff

  • New loans may drop by half from a monthly rate of $200 million
  • Firm is offering severance to employees who voluntarily leave

Avant Inc., the online lending marketplace valued at almost $2 billion last year, is slashing a target for new loans and shrinking its workforce as the industry’s rapid growth falters, according to people with knowledge of the situation.

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