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Last week, the details appeared at once application This Fintech giant Wale He had submitted for the US banking license.
There were a lot of conversations about whether or not the strip in X – already The largest private valuable fintech “Bank” would be added to the list of comments in the world – now.
Short answer: No.
It is true that this strip has applied for the first bank license. However, the volume of the license may not be as clear as narrow. This does not mean that the license will receive the deposits of Fintech. What is almost confirmed, if confirmed, the strip will be allowed to process their payments in addition to their own name.
A strip display to Techcrunch: “The number of employees and other employees in the United States also helps us to have the number of direct operations with bank partners, including in several markets, and this step is a member of this step, and this step is in this strategic direction.”
A source, which is familiar with the reasons for his own bowl, gives direct “a little extra strength to process” lane directly. Currently, Bin sponsors (or sponsored banks) vary depending on geography.
In 2024, Wells Fargo (the former partner of the strip) suddenly came out of the sponsorship business – banks helped Fintechs entry networks such as visa and Mastercard. While the banks do this, the risks of services are striped by the strip.
By processing their payments, the strip depends less dependent on its partners.
If confirmed, the strip can be a bank license with the third quarter of 2025.
