The US-based online lender is acquiring Zero Financial and its challenger brand, Level, in a mixed cash-stock transaction, per TechCrunch. No other financial terms have been disclosed. The deal will enable Avant to offer a comprehensive suite of banking products, including deposits, personal loans, credit cards, and auto loans.
Avant is following the lead of other alternative lenders that have tied up with banks to increase profitability or expand into new credit products. Here are two examples: