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December 17, 2021

American fintech launches Avant Banking to serve underbanked customers

Avant, a US-based fintech firm focused on offering credit to middle-income consumers, has launched Avant Banking to expand its product portfolio.

Avant Banking will offer services such as spending accounts, debit cards, ACH transfers and access to early payday funds for customers with direct deposit.

Customers making a deposit will be issued a virtual card that can be integrated with Apple Wallet or Google Pay.

Avant Banking was designed with underbanked customers in mind. It has a transparent fee structure with no maintenance or foreign transaction fees, Avant noted.

It also comes with a fraud protection feature and has no minimum balance requirement.

Avant CEO Matt Bochenek said: “Every consumer deserves access to innovative financial solutions to simplify and improve their financial journey. We are excited to expand our growing portfolio of financial products created to empower our customers to move their financial lives forward.”

The announcement comes after Avant acquired fintech company Zero Financial and its neo-banking unit Level.

Avant claims that it has offered $7.5bn in loans and issued more than 800,000 credit cards to two million customers since its inception in 2012.

It leverages technology and analytics to provide a full ecosystem of digital banking products.

Avant’s banking and credit services are provided through its partners and FDIC members Evolve Bank & Trust and WebBank.

Earlier, another US-based firm Zil Money launched an all-in-one cloud banking digital solution, called ZilBank.

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