PayPal wants to become bank
PayPal wants to become a bank.
The company has submitted the necessary documentation to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions, CE Report quotes ANSA.
As reported by CE Report, if its application is approved, PayPal Bank will strengthen its role in helping small businesses, to which it has already provided more than 30 billion dollars in loans and capital since 2013.
“Securing capital remains a significant obstacle for small businesses that want to grow. The creation of PayPal Bank will strengthen our operations and improve our efficiency, allowing us to better support the growth of small businesses,” said CEO Alex Chriss.
