""Securing capital remains a significant hurdle for small businesses striving to grow and scale,""
""Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the US.""
""New entrants into the federal banking sector are good for consumers, the banking industry and the economy,""
""They provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system.""
PayPal submitted applications to the FDIC and the Utah Department of Financial Institutions to establish PayPal Bank and seek a Utah charter. PayPal already operates a bank in Luxembourg serving European customers. PayPal reports it has provided over $30 billion in loans and working capital to more than 420,000 business accounts globally. The proposed U.S. bank would offer interest-bearing savings accounts and target improved capital access for small businesses to support growth and efficiency. Regulatory approvals for new entrants have risen recently, with other firms, including crypto companies, Nissan and Sony, pursuing charters.
Read at Engadget
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