Acquisition Expands Company’s Digital Banking Products, Market Reach
Avant, a financial technology company that gives underserved consumers access to the credit they deserve, has completed the acquisition of Zero Financial, Inc. and Level, the company’s neobank and design-forward banking app assets. After passing the 1.5 million customer milestone in 2020, the acquisition of Level will allow Avant to expand its reach by offering best-in-class digital banking experiences to American consumers.
“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,” said James Paris, CEO of Avant. “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.”
Avant is powered by a robust data infrastructure, AI-driven ecosystem and customer insights needed to deliver personalized experiences and the right offer, at the right time. With purpose-built products and experiences customers can trust, Avant is leading the industry at the intersection of banking and technology, breaking the mono-product fintech mold and leading the charge to redefine the relationship Americans have with their finances.
Focused on the customer experience, Level’s branchless, all-digital platform delivers a better way of banking and is highly rated, boasting strong reviews for no hidden fees, ease of use and value to customers. Level offers advantages including cash back rewards on debit card purchases, a competitive APY on deposits, early access to paychecks and no hidden fees, all of which are especially beneficial for consumers on the path to financial freedom. Its proprietary, modern and feature-rich banking platform was built in-house by a team of talented engineers, product designers and others who will join Avant and continue development, fully integrating deposits into Avant’s suite of digital banking and credit products.
“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,” said Bryce Galen, co-founder and CEO of Zero Financial. “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.”
Since 2012, Avant has connected more than 1.5 million customers to $7.5 billion in loans and 400,000 credit cards, growing its number of credit card users by 170% over the past two years. A high-growth financial technology company, Avant was named one of the best personal loans for 2021 and one of America’s best startup employers by Forbes, as well as one of Credit Karma’s five best personal loans for a major purchase. Avant has been featured in The Wall Street Journal, The New York Times, TechCrunch, Fortune and Bloomberg, and has raised over $600 million of equity capital.
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