PayPal applied to become an American bank forming a Utah-based industrial lending company, signaling a push to deepen its financial services “as companies rush to take advantage of a friendly regulatory environment under the Trump administration,” as Reuters reports:
If approved, the move would help PayPal strengthen its lending offerings to small businesses in the US, as well as reduce its reliance on third parties.
“Securing capital remains a significant obstacle for small businesses trying to grow and expand,” said PayPal CEO Alex Chriss.
“Establishing PayPal Bank will strengthen our business and improve our efficiency, allowing us to better support small business growth and economic opportunity across the United States.”
PayPal also plans to offer interest-bearing savings accounts to customers. The company has made more than $30 billion in loans and funds available since 2013. PayPal has tapped Mara McNeill to serve as president of PayPal Bank. She has more than two decades of experience in banking and commercial lending and previously served as CEO of Toyota Financial Savings Bank.
Although the press releases will range from very select to rare, I said I'd pass...because sometimes the editors hide.
