Last week details emerged for a application This giant Fintech strip had been submitted for a banking American license.
There was a lot of conversation on X about whether this meant that Stripe – already the biggest private assessment of the Fintech in the world – will now add the “bank” to the list of descriptions of what it is doing.
The short answer is: No.
What is true is that this marks the first time Stripe has applied for a bank license. But what may not be so clear is that the scope of the license is very narrow. This license does not mean that Fintech will accept deposits. What means that if approved, the Stripe will be able to process its own payments except for the partners whose payments on its behalf.
A stripe spokesman told TechCrunch: “In recent years, as the Stripe business has increased, we have significantly expanded the number of banking and other partners we are working with. This application helps us to ensure that we have another wider range of options to support our users – and complements the work we do with all the US partners.
A source familiar with the reasons for moving his own bucket, said he is directly giving the stripe “a little extra durability to processing payments”. Currently, it is Sponsors (or sponsorships banks) vary according to geography.
In 2024, Wells Fargo (former Stripe Partner) abruptly left BIN sponsorship – where banks help Fintechs Payment Networks such as Visa and Mastercard. When banks do this, it leaves companies like Stripe at risk for service disorders.
With the ability to process its own payments, the stripe depends less on its partners.
If approved, Stripe could have this bank license by the third quarter of 2025.
