U.S. fintech Avant announced on Wednesday it has completed the acquisition of Zero Financial and neobank Level. Avant reported the acquisition of Level will allow it to expand its reach by offering digital banking experiences to its American customers.
According to Avant, Level offers cashback rewards on debit card purchases, competitive APY on deposits, early access to paychecks, and no hidden fees.
“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.”
While speaking about the acquisition, James Paris, CEO of Avant, stated that by acquiring Level, the company’s strategy will provide underbanked and unserved consumers with a “full ecosystem of transparent financial products and services.
“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.”
Bryce Galen, Co-Founder and CEO of Zero Financial, added:
“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. 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 noted it is dedicated to delivering “best-in-class” digital banking services to all through a combination of technology, analytics, and superior customer service. 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.