SAN MATEO, Calif., Jan. 28, 2016 /PRNewswire/ -- 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:
- Rapid ROI that traditional ERP systems can't match
thanks to rapid implementation times with minimal overhead in IT
infrastructure or support personnel.
- Scalability for growth with the ability to quickly and
easily add functionality and licenses as the business grows, and
proven international capabilities to streamline global
expansion.
- Built-in business intelligence that provides real-time
insights into key business performance indicators for a unified
view of the organization.
- Simplified maintenance to eliminate the need for costly
IT infrastructure and support with a cloud-based system that is
always up to date and customizations that carry forward
automatically.
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 minimizes 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:
- Real-time visibility. Avant is monitoring, reporting and
analyzing its overall business performance in real-time with
NetSuite's reporting and analytics tools. The Avant management team
is able to quickly gain accurate detailed insights into its
business, wherever they happen to be, to respond to market changes
and understand the health of the business.
- Robust financial controls. NetSuite's ability to
document all journal entries and customize workflows introduced
added rigor to Avant's financial processes, creating greater faith
in the data and facilitating audits by key stakeholders.
- Positioned for global expansion. With NetSuite OneWorld,
Avant is able to transact in the US and Canadian dollars, and
British pound, with near-term plans to expand geographically.
NetSuite OneWorld's support for 190 currencies, 20 languages, and
automated tax compliance in over 100 countries ensures that Avant
is ready to expand across the globe.
"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.
About Avant
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
customized 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.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and
@NetSuite Twitter handle for real-time updates.
For more information about NetSuite, please visit
www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of
NetSuite Inc. Third-party trademarks mentioned are the property of
their respective owners.
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SOURCE NetSuite Inc.