Stripe Applies for Narrow U.S. Banking License — But It’s Not Becoming a Bank
Stripe has applied for a limited U.S. banking license to process its own payments.
Matilda
Stripe Applies for Narrow U.S. Banking License — But It’s Not Becoming a Bank
When news broke that Stripe had submitted an application for a U.S. banking license, many assumed the fintech powerhouse was shifting gears and becoming a full-fledged bank. As someone who follows fintech developments closely, I had the same thought — until I dug deeper. What I discovered is that Stripe’s move is far more strategic and focused than it initially appeared. Image Credits:SOPA Images / Contributor / Getty Images Let’s clear up the biggest misconception right away: Stripe is not trying to become a bank in the traditional sense. The company isn’t aiming to accept deposits or offer personal checking accounts. Instead, Stripe is applying for a narrow banking license that would allow it to process payments on its own — without having to rely solely on partner banks. This is the first time Stripe has applied for such a license in the U.S., and it represents a significant evolution in its business model. But it's more about control and resilience than a pivot to banking. Why Str…
