Contempt for the banking system was hard-coded into the DNA of fintech firms. Now they all want to be one.
On Thursday, payment company Revolut said it would apply for a US bank license, the latest outsider to join the regulated club. PayPal in December applied for a slimmed-down state banking license, and UK payments firm Wise has applied for a non-deposit-taking bank charter, a few years after SoFi and Lending Club turned themselves into fully regulated banks.
The political winds are at their backs: Jonathan Gould, who runs the Office of the Comptroller of the Currency, presented tech investor Palmer Luckey a novelty-sized charter for his new bank, calling it “an exciting day for the banking system” that “reflects the OCC’s commitment to a dynamic and diverse financial system that remains innovative and relevant over time.”
And a reminder that we have Robinhood buying a bank on our 2026 bingo card. Even though it decided against a move in 2019, CEO Vlad Tenev has told Semafor he’s “not ideologically opposed.”