The acquisition of Zero Financial and its neobank, Level (plus its banking app assets), will give Avant the ability to offer an ecosystem of banking and credit product offerings through one digital platform. Those offerings include deposits, personal loans, credit cards, and auto loans.
Avant uses AI-driven data points to determine credit risk. With this acquisition, that lens will be expanded with data, such as a deposit customer’s cash flow, how they manage their finances and whether they pay their bills on time.
Financial terms of the deal weren’t disclosed other than the fact that the acquisition was completed with a combination of cash and stock.
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