PayPal applies to become a bank under Trump’s looser financial rules

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PayPal is the latest company looking to become a bank in the US. On Monday, the company announced it had submitted applications for PayPal Bank to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI). PayPal is already a bank in Europe, based in Luxembourg.

According to PayPal, it has provided “over $30 billion in loans and working capital” for more than 420,000 business accounts globally. PayPal puts its focus on small businesses in pitching the need…



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PayPal applies to become a bank under Trump’s looser financial rules


PayPal is the latest company looking to become a bank in the US. On Monday, the company announced it had submitted applications for PayPal Bank to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI). PayPal is already a bank in Europe, based in Luxembourg.

According to PayPal, it has provided “over $30 billion in loans and working capital” for more than 420,000 business accounts globally. PayPal puts its focus on small businesses in pitching the need…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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