Avant Seeks National Bank Charter to Serve Customers Directly

A Chicago-based fintech lender has filed to become an FDIC‑insured national bank, aiming to shift from third‑party partnerships to direct deposit funding and control over customer relationships.

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Charter Filing: The One Figure That Matters

The single figure that resolves the central strategic question is 4.8 million: the number of unique customers Avant has served, alongside $17.6 billion in credit extended. These company‑reported figures underscore Avant’s scale as it seeks a national bank charter to convert customer relationships into deposit funding and balance‑sheet control . Avant submitted its application on September 18, 2026, to both the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), proposing the establishment of Avant Bank, N.A., an FDIC‑insured national bank . The charter remains unapproved with no public timeline for a decision.

Why a Charter Matters: From Rents to Returns

Avant’s CFO, Kevin Friedrich, frames the charter as a route to “a lower cost of funds through the introduction of deposits,” a shift from reliance on securitizations and partner‑bank funding . That shift matters: deposits offer cheaper, more stable funding than program‑management arrangements and securitization models. Fintech firms often begin by renting a bank’s charter, interface layered atop a sponsor like WebBank, which issues products and handles regulatory compliance. That model works until the sponsor’s risk appetite shifts. A charter flips the dependency dynamic and brings deposit funding, issuing control, and lending economics directly onto the fintech’s balance sheet .