Avant Files for National Bank Charter to Launch Avant Bank, N.A.

Avant has filed an application with U.S. regulators to establish Avant Bank, N.A., a proposed insured national bank that would give the fintech greater control over its lending and banking products.

The Chicago-based financial platform submitted its application to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) on September 18, 2026. The proposal remains subject to regulatory approval.

If approved, Avant says the bank would combine credit products, banking services and financial-health tools within one digital platform. The company also expects the charter to provide a more direct customer relationship and access to deposits as a funding source.

Avant Seeks to Become a National Bank

Avant has built its business around data-driven credit products, including personal loans and credit cards. The company says a national-bank charter would allow it to bring more of those activities under one regulatory framework.

Al Goldstein, Avant’s co-founder and CEO, said the proposed charter could help the company reduce its cost of funds while extending its approach to credit and financial services. Avant has focused on customers it says legacy financial systems often overlook.

The proposed bank would also give Avant more control over product development and servicing.

Charles Whittaker, Avant’s chief business officer and proposed CEO of Avant Bank, said the company wants to build and service products end to end. The stated goal is to create a more integrated experience for customers.

Deposits Could Give Avant a New Funding Source

Funding is another major reason behind the application.

Avant currently uses a diversified model that combines on- and off-balance-sheet assets with different forms of debt and whole-loan sales. A bank charter would introduce another potential source of funding through deposits.

Kevin Friedrich, Avant’s CFO and proposed CFO of Avant Bank, said deposits could provide access to a lower cost of funds while adding diversification and resilience to the company’s funding model.

That would represent an important change in how the fintech finances its credit business.

Instead of relying only on external funding channels, a chartered bank could accept deposits and use them within its broader banking model, subject to regulatory requirements.

Avant CreditOS Would Support the Proposed Bank

Avant also plans to use its proprietary CreditOS decisioning engine as part of the proposed bank’s credit strategy.

The technology is designed to support data-driven credit decisions. Avant says a national-bank structure could help it use that infrastructure while managing products more directly.

The company has spent more than a decade building its technology and credit platform. It says that experience provides a foundation for the proposed bank, although regulatory approval would remain a critical step before the new institution could begin operating.

Avant has also said its existing compliance and operating infrastructure will support the application process.

Margaret Hermes, Avant’s COO and proposed president and COO of Avant Bank, acknowledged that submitting the application is only the beginning. She said operating a new national bank would require continued investment in compliance and operations.

Avant’s Existing Customer Base Supports the Expansion

Avant has established a sizable customer base through its lending and financial products.

The company says it has served approximately 4.8 million unique customers since its founding in 2012 and has connected customers with more than $17.6 billion in credit through personal loans and credit cards.

Its current product offering includes credit cards, personal loans and a personal financial management tool.

Avant’s newsroom also continues to identify WebBank as the issuer of Avant-branded credit products. The proposed bank application therefore represents a potential change in the company’s operating structure rather than an immediate replacement of its existing arrangements.

Regulatory Approval Remains the Next Hurdle

Avant has not yet received a national bank charter.

The application must go through the regulatory process involving the OCC and FDIC. The company has not announced a launch date for Avant Bank, N.A.

That makes the current announcement a proposed expansion rather than the launch of a new operating bank.

The distinction matters because a bank charter brings significant regulatory responsibilities. Avant would need to demonstrate that its governance, compliance, risk management and operating systems can support the requirements of a national bank.

The company says it has spent years strengthening those areas and is prepared to work with regulators during the next phase.

Avant Joins a Broader Fintech Banking Trend

Avant’s application also comes during a period of increased interest in bank charters among fintech companies.

The OCC’s current chartering activity includes several fintech and digital-finance applicants. In September, the agency listed applications involving companies such as Revolut Bank US and OpenReserve Bank, while its wider licensing records show continuing interest in new bank structures.

For fintech firms, obtaining a charter can change how they structure products, funding and regulatory relationships.

The model can offer greater control over banking operations. At the same time, it brings the responsibilities that come with becoming a regulated depository institution.

Avant’s proposal reflects that trade-off.

The company wants to move closer to a direct banking model while maintaining the technology and data capabilities that have defined its fintech business.

What Avant Bank Could Offer Customers

If regulators approve the application, Avant Bank could bring several services into a more integrated digital platform.

Avant says those services could include affordable credit, banking products and financial-health tools. The company also wants to use its data-driven credit technology to support the customer experience.

That could allow Avant to manage more stages of the product lifecycle itself.

Customers could potentially access lending and banking services through one platform rather than interacting with multiple providers. Avant says that direct model could also give it greater control over product design, servicing and customer support.

However, the company has not yet provided a detailed product roadmap for Avant Bank.

The exact services, funding structure and launch timetable will depend on the regulatory process.

Avant’s Next Phase

The national-bank application represents a significant structural step for Avant.

For more than a decade, the company has operated at the intersection of technology and consumer credit. The proposed Avant Bank would take that model further by adding a potential deposit-taking institution and a broader banking platform.

Lower-cost funding, greater control over customer relationships and a single national regulatory framework form the core of the company’s rationale.

The proposal now moves into the regulatory process.

For Avant, the next challenge is not simply securing approval. It is building the governance, risk and operational infrastructure needed to operate a national bank successfully.

For customers and the wider fintech sector, the application offers another example of financial technology companies moving closer to traditional banking infrastructure.

Avant Bank, N.A. remains a proposal at this stage. If regulators approve the application, Avant would gain a new structure for combining credit, banking and financial-health products within its digital platform.

Avant applies for US national bank charter to expand lending platform

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