Companies

PayPal Plans to Open Industrial Bank to Serve Small US Businesses

PayPal also plans to offer interest-bearing savings accounts to its customers.
PayPal Plans to Open Industrial Bank to Serve Small US Businesses
A sign in front of PayPal headquarters in San Jose, Calif., on Feb. 2, 2023. Justin Sullivan/Getty Images
Mary Prenon
Mary Prenon
Freelance Reporter
|Updated:
0:00
PayPal Holdings Inc. recently announced plans to open a bank that would serve small businesses nationwide.

A global online payment system, PayPal has already submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) to set up PayPal Bank, a proposed Utah-chartered industrial loan firm.

Mary Prenon
Mary Prenon
Freelance Reporter
Mary T. Prenon covers real estate and business. She has been a writer and reporter for over 25 years with various print and broadcast media in New York.