Progressive’s Aver is in a limited launch phase

In 2022, we were the first to report on Progressive’s trademark filing for Aver , a financial services platform that is now showing signs of progress. By signs of progress, we mean a mobile app last updated earlier this month and a website with offerings that appear to be limited to a select few.

The Aver banking app, available for Android and Apple users, is a digital banking platform developed by Progressive Next Inc., a subsidiary of Progressive. It offers a deposit account with a digital debit card, allowing users to check their balance, transfer funds, and manage their card—all without a monthly maintenance fee. Banking services are provided by Coastal Community Bank .

However, the service is currently limited to employees of certain companies. For everyone else, there’s a waiting list.

Bottom Line: Progressive, in its broader push beyond insurance, has explored several initiatives, including Castle, a home repair service that was recently shut down, and Stretch Financial, a personal money management app.