Digital banking services provider Avant has completed the acquisition of fintech company Zero Financial for an undisclosed sum.
The scope of the acquisition also included Zero Financial’s neobank unit Level and other banking app assets.
The deal will help Avant to expand its reach as it seeks to become a digital bank of the masses.
Level’s offerings include an app, a debit card and an interest-bearing deposit account. The bank account is offered through Evolve Bank & Trust, an FDIC member. The platform also offers cash back rewards on debit card purchases and early access to paycheques.
Notably, Level crossed 1.5 million customer milestone last year.
The workforce of Level, which comprises engineers, product designers and others, are expected to join Avant.
Founded in 2012, Avant started operations by providing easy loans to middle-income consumers.
According to the company, it has helped more than 1.5 million customers and has raised around $600m in equity capital.
Avant CEO James Paris said: “The acquisition of Level is an important element of our strategy to provide underbanked and unserved consumers with a full ecosystem of transparent financial products and services with great features and rewards, all in one mobile app.
“Expanding our product portfolio allows us to serve even more people, offering every consumer access to innovative and rewards-based products to simplify and improve their financial journey. We’re looking forward to building on this acquisition and continuing to bring new products to our growing customer base.”