PayPal Applies to Establish a Utah Industrial Bank
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PayPal is continuing to pursue a banking charter, applying to establish a Utah industrial bank to expand its financial services. On November 13, 2026, PayPal CFO Jamie Miller said bank deposits could provide a source of funding for merchant loans and corporate financing, and help the company diversify its funding sources more cost-effectively. She also said PayPal still expects to maintain its overall asset-light balance sheet strategy; she did not disclose regulators’ response to the application.
AI-written from reports · updated 2 hours ago
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- Payments DiveWhy PayPal Wants to Establish a Bank
PayPal is continuing to seek a bank charter, hoping to expand its financial services and add deposits as a source of funding for merchant lending and corporate financing. CFO Jamie Miller said deposits could help diversify funding sources in a more cost-effective way, but PayPal still expects to maintain an overall asset-light balance sheet strategy; she did not disclose the regulator’s response to the application.
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