PayPal Moves to Cut Out Partner Banks with Utah Charter Application
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PayPal has filed to launch PayPal Bank in Utah, aiming to provide small business loans and interest-bearing savings. This initiative seeks to reduce dependence on third-party banking partners, enhancing efficiency in financial services.
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- PayPal filed in Utah to launch PayPal Bank as an industrial loan company
- The plan targets small business loans, working capital, and interest-bearing savings
- PayPal ties the move to efficiency and less reliance on third-party bank partners
PayPal Holdings Inc. NASDAQ: PYPL has applied for industrial banking services in Utah, aiming to expand small business lending by reducing reliance on third-party partners.
PayPal Files to Launch an Industrial Loan Company in Utah
PayPal announced on Monday, December 15, 2025 that it submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to launch PayPal Bank, a proposed Utah-chartered industrial loan company.
The proposed PayPal Bank would focus on U.S. small businesses through loans and working capital. PayPal also said PayPal Bank would offer interest-bearing…
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