Last week, details appeared application That fintech giant stripe A Bank of America license has been submitted.
Regarding whether this means stripes, there are a lot of chats on X – already The largest private value financial technology Worldwide – Banks will now be added to the list of descriptions about what they do.
The short answer is: No.
Correctly, this marks Stripe’s first application for a bank license. However, it may not be clear that the scope of the license is very narrow. This license does not mean that fintech companies will accept deposits. This means that if approved, Fringe will be allowed to process its own payments, except for having the partners process the payments on their behalf.
A Stripe spokesman told TechCrunch: “In the past few years, as Stripe’s business grows, we have greatly expanded the number of banking and other partners we work with. This app helps us ensure we have a wider range of options to support our users and complements the work we have done directly with our Bank of America partners. Stripe is a direct network member in multiple markets including the UK, including the UK, including this strategic direction in this strategic direction.”
Familiar with the source of information that became the reason for his own bin, directly making the stripe “a little extra elasticity to processing payments.” Currently, its Trash bin sponsor (or sponsored bank) varies by geography.
In 2024, Wells Fargo (former partner of Stripe’s) suddenly quit the BIN sponsorship business – the bank helps fintech access Visa and MasterCard (such as Visa and MasterCard). When banks do this, it puts companies like companies at risk of service disruption.
By being able to process its own payments, Stripe relies less on its partners.
If approved, Stripe may have the bank license by the third quarter of 2025.
