Avant, a FinTech focused on getting credit access for middle-income consumers, announced Thursday (Dec. 16) that is has expanded its portfolio with the launch of Avant Banking.
Avant Banking will come with access to spending accounts, debit cards, ACH transfers and access to early payday funds for customers with direct deposit. Those customers who make a deposit will then get a virtual card that can be added to Apple Wallet or Google Pay.
Per the release, the genesis of Avant Banking came from the goal of serving the underbanked. As such, the app will have a transparent fee structure without any hidden or extra fees, with fraud protection included.
“Every consumer deserves access to innovative financial solutions to simplify and improve their financial journey,” said Avant CEO Matt Bochenek. “We are excited to expand our growing portfolio of financial products created to empower our customers to move their financial lives forward.”
Avant surpassed 1.5 million customers last year. Through its infrastructure, which involves artificial intelligence (AI) capabilities and consumer insights to personalize the experience, Avant hopes to be able to offer new digital banking experiences.
In April, PYMNTS wrote that Avant had purchased both Zero Financial and Level, a neobank.
Read more: FinTech Avant Snaps Up Zero Financial And Digital Banking App Level
Level is working on branchless digital banking, and is offering cash back rewards for debit card purchases with an attempt to get an annual percentage yield on deposits. There’s also early paycheck access and no hidden fees, which the company believes are crucial for financial freedom and have since been implemented into Avant.
“Avant shares our mission to challenge the status quo by bringing innovative financial services products to consumers who might otherwise be unable to access them,” Zero Financial co-founder and CEO Bryce Galen said at the time. “We’re excited to continue that journey as part of the Avant team and to work together to provide new ways for consumers to engage with their finances.”
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