PayPal to Become US Bank: Global Online Platform Seeks Approval to Launch Industrial Bank, Expand Services for Small Businesses
PayPal has submitted applications to establish an industrial bank in the US, aiming to expand its financial services for small businesses. The move would allow the platform to provide lending and banking solutions more efficiently, offer savings products, and strengthen its overall business operations, pending regulatory approvals.
PayPal Holdings, Inc. has submitted applications to the Utah Department of Financial Institutions and the FDIC to establish PayPal Bank, a Utah-chartered industrial loan company. Since 2013, PayPal has provided over USD 30 billion in loans to 420,000 business accounts worldwide. The new bank would allow more efficient small business lending, reduce reliance on third parties, and offer interest-bearing savings accounts. Customer deposits would be FDIC-insured. Mara McNeill, former CEO of Toyota Financial Savings Bank, has been named President. PayPal aims to strengthen support for small business growth and expand financial services across the US, pending regulatory approval. Google to Shut Down Dark Web Report Tool That Scanned the Dark Web for User Data for Gmail Users; Existing Data to Be Deleted After Shutdown.
PayPal Applies to Become US Industrial Bank
PayPal to Become US Bank
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