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Japanese FinTech Rakuten Applying For US Banking Charter 

PYMNTS

A Japanese FinTech company is applying for a banking charter in the United States, according to a report by American Banker. FDIC) and the state of Utah for an industrial loan company (ILC) charter. The company also wants to give members a credit card to make purchases in the future and also earn rewards. . “We

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FDIC Approves Square For Banking License

PYMNTS

The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). The headquarters will be in Salt Lake City, Utah. Square, Inc.

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Top 18 Online Digital Corporate Credit Cards for Small Businesses (Oct 2024)

Fintech Labs Insights

In the last eight years, the corporate charge card market ( see definition below ) has seen the launch of 3 major digital players ( Ramp in 2019, Brex in 2017, and Divvy in 2016) that are already multi-unicorns. 4,800 18 16 Dash.fi (was FunnelDash ) 4 1 Oct 24 2016 Austin $3.7 4,800 18 16 Dash.fi (was FunnelDash ) 4 1 Oct 24 2016 Austin $3.7

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Square Tries To Create A Bank, Again

PYMNTS

San Francisco-based FinTech company Square, known for its white card readers, has once again decided to become a banking establishment, according to a report in The Wall Street Journal. The company had previously asked to start a bank in September of 2017, but eventually withdrew from the process over procedural issues.

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Here is The Math Behind the High-Yield Account

South State Correspondent

If you bank in a fast-growing state such as Nevada, Utah, Idaho, Arizona, Texas, Florida, or South Carolina, population and business formation growth result in lower acquisition costs. They open a $60,000 transaction account and a debit and credit card but don’t need treasury services.

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Why The ICBA Is Fighting Industrial Loan Charters For FinTechs

PYMNTS

All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active. Walmart claimed it wanted to leverage the proposed bank mainly for the purpose of lowering costs of its backroom processing of check and credit card transactions and to offer high-interest certificates of deposits.

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Rakuten files third application for FDIC insurance

CFPB Monitor

Per the Utah Department of Financial Institutions website, Rakuten Bank America’s application for a Utah ILC charter was received on July 26, 2019 and remains pending. . based bank, Rakuten Bank America. Rakuten’s first FDIC deposit insurance application was filed in July 2019, and was withdrawn in March 2020.

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