FinTech Avant, which works to give underserved consumers access to credit, has acquired Zero Financial along with its neobank, Level, according to a press release. Terms of the deal were not disclosed.
Avant surpassed 1.5 million customers last year, and by acquiring Level, it will be able to expand its reach in offering digital banking experiences, the release stated.
Avant uses an infrastructure consisting of artificial intelligence (AI) capabilities and customer insights, which are used to deliver personalized experiences, according to the release.
Level, meanwhile, is focused on branchless, all-digital banking and offers cash back rewards for debit card purchases and an annual percentage yield (APY) on deposits. There is early access for paychecks, and there are no hidden fees, the release stated.
According to the release, all of these aspects “are especially beneficial for consumers on the path to financial freedom.”
“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 Zero Financial Co-Founder and CEO Bryce Galen in the release. “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.”
Avant CEO James Paris said in the release that the acquisition 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.”
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Selected by EFXA