PayPal CEO Alex Chriss speaks astatine the Global Fintech Fest successful Mumbai, India, connected Oct. 7, 2025.
Indranil Aditya | Nurphoto | Getty Images
PayPal said Monday that it has applied for support to signifier PayPal Bank, which would beryllium capable to connection loans to tiny businesses.
"Establishing PayPal Bank volition fortify our concern and amended our efficiency, enabling america to amended enactment small business maturation and economical opportunities across the U.S.," PayPal CEO Alex Chriss said successful a statement.
The U.S. Federal Deposit Insurance Corporation volition reappraisal an exertion proposing the constitution of PayPal Bank, on with Utah's Department of Financial Institutions, PayPal said.
The company, which owns fashionable outgo app Venmo, hopes to besides connection interest-bearing savings accounts to its customers, the connection said. PayPal already makes recognition lines disposable to consumers and has been trying to grow its roster of banking-like services arsenic it competes with a increasing fig of fintech companies that are aiming to instrumentality concern from accepted brick-and-mortar banks.
Shares of PayPal roseate 1.5% successful extended trading pursuing the announcement.
In October, PayPal said quarterly gross increased 7% twelvemonth implicit twelvemonth to $8.42 billion, much than analysts had expected. But successful 2025 the banal has slumped astir 29%, portion the S&P 500 scale has gained astir 16% successful the aforesaid period.
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