PayPal Submits Applications to Establish an Industrial Bank to Expand Access to Financial Services for U.S. Small Businesses
PayPal Holdings, Inc. announced it has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish PayPal Bank, a proposed Utah-chartered industrial loan company. Since 2013, PayPal has provided access to over $30 billion in loans and working capital to more than 420,000 business accounts worldwide, filling a critical gap for small......