Integration of Avvance to the Magwitch lending-as-a-service platform to help merchants meet consumer demand for flexible and trusted POS lending options

MINNEAPOLIS, January 30, 2025--(BUSINESS WIRE)--U.S. Bank Avvance, a real-time, point-of-sale lending solution, has been selected by Magwitch, a Jacksonville, Fla-based fintech, to provide Point-of-Sale Lending through merchants using Magwitch’s lending-as-a-service platform.

The addition of U.S. Bank Avvance to Magwitch’s platform helps merchants attract and provide financing options to consumers. U.S. Bank Avvance offers flexible, installment loans at the point-of-sale, issued by U.S. Bank.

"The integration of U.S. Bank Avvance within the Magwitch platform is a great example of how fintechs, software platforms and enterprises can partner with us to incorporate our solution as a POS lending option within their current environment," said Rob Seidman, SVP, Head of U.S. Bank Avvance.

Magwitch provides lending-as-a-service to 1,100 merchants directly, and more than 2,000 indirectly through its white label technology services across the United States.

"Merchants want a single platform to provide a range of financing options to their customers and clients, and we’re looking forward to U.S. Bank’s Avvance being offered to our merchants," said Jake Reeves, Magwitch CEO.

Avvance launched in October 2023 as U.S. Bank’s first real-time consumer lending product, offering customers installment, APR-based term loans at the point-of-sale.

For more about Avvance, please click here.

About U.S. Bancorp

U.S. Bancorp, with more than 70,000 employees and $678 billion in assets as of December 31, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.

Deposit products are offered by U.S. Bank National Association. Member FDIC.

Services may be subject to credit approval. Eligibility requirements, restrictions and fees may apply. See a business banker for details.

About Magwitch

Magwitch is an open lending platform offering a holistic suite of LaaS (Lending-as-a-Service) capabilities to Financial Institutions, Fintechs, and Merchants. Magwitch's platform provides Banks and Credit Unions the ability to enhance their customer base and expand membership with on-demand customer acquisition through indirect and point of sale financing.

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Contacts

Media contact:
Joe Rauch, U.S. Bank Public Affairs & Communications
joseph.rauch@usbank.com