PayPal Seeks Bank Charter, Bypassing Middleman
Update: 2025-12-16
Description
PayPals Application for Utah Industrial Loan Charter: A Major Leap into Traditional BankingPayPal is making a significant move into traditional banking by applying for a Utah industrial loan charter, allowing direct lending and deposit acceptance. This strategic shift aims to reduce costs, increase profitability, and expand lending opportunities for small businesses. Mara McNeill, a seasoned banking executive, has been appointed to lead PayPal Bank. The regulatory approval process is ongoing, but if successful, it could mark a major turning point in the fintech and banking landscape.
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