Chicago-based fintech Avant filed applications with the OCC and FDIC to establish Avant Bank, N.A., a federally insured national bank. The application is pending regulatory approval.
CEO Al Goldstein proposed Charles Whittaker as bank CEO and Margaret Hermes as President/COO. Avant has facilitated over $17 billion in credit using its CreditOS machine learning underwriting platform.
The charter would allow Avant to operate under a unified federal regulatory framework, accept deposits directly, and reduce cost of funds. Klaros Group (Michele Alt) advised on the application.