PayPal has applied to become a bank in the US, submitting applications to the FDIC and Utah’s UDFI, building on its existing banking operations in Luxembourg. The company aims to enhance support for small businesses, having already provided over $30 billion in loans globally. If approved, PayPal Bank will offer interest-bearing savings accounts and be chartered in Utah. This move aligns with a trend of new companies entering the banking sector, as seen with recent approvals for several cryptocurrency firms.
