Fintech Giants Push Into Banking With US Licences on the Horizon

Digital payment leaders now want to be your bank. Will this move democratize access to loans and savings for underserved customers? The race is on.

, and ASMedia

2026 February 14 . 3:29 AM

1 min read

The image shows a cartoon of a man in a blue jacket and red pants standing in front of a building... — The image shows a cartoon of a man in a blue jacket and red pants standing in front of a building with a crown on his head. At the bottom of the paper, there is text that reads "Bank Transfer, or, a New Way of Supporting Public Credit".

Fintech Giants Push Into Banking With US Licences on the Horizon

Fintech firms are increasingly stepping into traditional banking. Companies like Revolut, PayPal and Wise are now seeking US banking licences to offer loans, savings accounts and other financial services. This shift marks a new phase in the expansion of digital finance beyond simple payments.

The move could bring more options for consumers and small businesses, particularly those currently underserved by conventional banks.

Digital payment platforms have already reshaped how people handle money. Services like Venmo, Apple Pay and Alipay now account for 83% of global digital spending. By 2030, their user base is projected to hit 6 billion.

Many fintechs are now pushing further by applying for banking licences in the US. While exact figures remain unclear, firms such as PayPal, Wise, Interactive Brokers and Crypto.com are actively pursuing approvals. These licences would allow them to accept deposits, pay interest and issue loans—services once limited to traditional banks.

The expansion comes as cross-border transactions, including remittances, continue to grow. Fintechs see an opportunity to serve both consumers and businesses with faster, more accessible financial tools. For unbanked individuals, this could mean easier access to savings accounts, credit and other essential services.

Globally, companies like Revolut, Qonto, Mercado Pago and Neema are already rolling out banking features. Their entry into regulated banking reflects a broader trend: the financial system is opening up beyond established institutions. Small businesses, in particular, may gain another source of funding through fintech lending platforms.

The push into banking services signals a deeper integration of fintech into everyday finance. As more firms secure licences, consumers and businesses will likely see a wider range of options for managing money. The shift also highlights how digital platforms are filling gaps left by traditional banks, particularly for those previously excluded from the financial system.