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PayPal Applies to Launch Dedicated U.S. Bank for Small Business Loans

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PayPal has applied to the U.S. Office of the Comptroller of the Currency to launch a dedicated bank for small business loans. The new entity would let PayPal originate, underwrite, and service loans using its transaction data. The move could speed up financing for small businesses on its platform. Regulatory approval remains a key challenge. Existing products like PayPal Working Capital may expand under the new bank. A token launch could follow if the bank is approved. For those asking, what is the next step for PayPal’s financial services? The answer may come with regulatory feedback.
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