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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