PYMNTS

MARCH 19, 2020

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). Square Financial Services will originate commercial loans to the retailers that use Square for payments.

FDIC 276

FDIC Utah San Francisco Capital 276

BankInovation

JULY 17, 2020

Fintechs looking to expand beyond their Bay Area or New York City headquarters have welcomed an unlikely visitor in recent years: Utah Gov. The governor is a great salesperson,” said Val Hale, executive director for the Utah Governor’s Office of Economic Development. Gary Herbert. “The

Utah 83

Utah New York City Fintech California 83

PYMNTS

JULY 26, 2019

FDIC) and the state of Utah for an industrial loan company (ILC) charter. The bank would be headquartered in Utah and could handle users’ deposits, according to Lee Carter, Rakuten head of banking and potential ILC CEO. Walmart recently attempted to get one right before the financial crisis froze approvals for them.

Fintech 192

Fintech Utah US FDIC 192

PYMNTS

MARCH 19, 2020

Also, Square won a banking license for an industrial bank in Utah. FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Coronavirus Triggers Job Losses, Reduced Hours. Fiserv Acquires Bypass Mobile.

FDIC 130

FDIC Utah Payments Mobile 130

PYMNTS

DECEMBER 20, 2018

For retailers, such speed would shorten the length of time between a transaction being made and the funds’ arrival at the retailer. 19) announcement, the company said the application is with the Federal Deposit Insurance Corporation (FDIC). In its Wednesday (Dec.

Utah 134

Utah FDIC System Retail 134

PYMNTS

JULY 14, 2020

Utah-based FuturePay has consistently appeared in PYMNTS’ top 5 alternative credit apps, with its offer of flexible monthly payments for consumers and up-front settlement for merchants. Klarna also launched its new “Klarna: Swedish for smooother shopping” campaign in June. The account comes with 1.30

Lending 130

Lending FDIC Minneapolis Utah 130

PYMNTS

OCTOBER 17, 2017

An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active.

Industry 108

Industry Fintech FDIC Community Bank 108