Fintech Firm Avant Filed for National Bank Charter
The consumer credit provider aims to streamline its regulatory framework and potentially reduce its cost of funds.
Updated on Sept. 18, 2026 in Credit Cards
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Fintech company Avant has filed a national bank charter application with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. If approved, the move would allow the firm to operate under a single federal framework to provide banking products directly to customers.
Why it matters
A national bank charter would allow the firm to reduce its cost of funds, which could influence the design and delivery of its credit cards and personal loans. The application reflects a broader trend of fintechs seeking to become regulated institutions to expand access to credit for overlooked consumers.
The OCC made 9 significant charter determinations in the 90 days ending August 24, 2026. Avant has managed 23 personal loan securitizations since its 2012 founding, including a $200 million transaction in February 2026 that provided $500 million in financing capacity.
The players
Avant
A provider of credit cards, personal loans, and financial management tools that utilizes data and machine learning to serve consumers.
Charles Whittaker
The designated CEO of the proposed Avant Bank, N.A., pending regulatory approval of the charter application.
Office of the Comptroller of the Currency
A federal agency that charters, regulates, and supervises all national banks to ensure they operate in a safe and sound manner.
Federal Deposit Insurance Corp.
The federal agency that provides deposit insurance to protect consumers' money in the event of a bank failure.
The details
By obtaining a national bank charter, Avant intends to transition from a fintech model to a regulated institution, allowing it to integrate its data-driven lending services under one federal authority. This structure is intended to improve operational efficiency and lower the cost of borrowing capital. If granted, the company plans to offer an integrated banking platform to the millions of Americans it identifies as overlooked by traditional financial systems.
Timeline
2012: Avant was founded.
February 2026: Avant closed a $200 million personal loan securitization.
August 24, 2026: The end of the 90-day period for OCC charter determinations.
September 10, 2026: Reporting confirmed the pursuit of the charter.
Money Landscape
Avant's application follows the established national bank charter process used by the Office of the Comptroller of the Currency to regulate financial institutions. This development signals a continuation of the trend where fintech firms seek to transition into chartered, federally-supervised banks.
If the charter is approved, current and prospective customers may see an expansion of available banking products and services under a unified regulatory framework. Consumers should continue to review their credit terms and borrowing costs, as bank-chartered firms may shift their financial service offerings.
The takeaway
The move to become a chartered bank is designed to improve the firm's cost structure and product reach. Consumers can monitor the firm's status updates for changes to account terms or the introduction of new banking tools available through its platform.
Further reading
Learn more about how institutional banking changes affect borrower options in our Credit Cards section.
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