Why Fintech Companies Want to Become Banks Right Now

A US bank charter has become one of the most sought-after assets among financial-technology companies around the world. Stablecoin issuers, payment processors and other fintech firms covet a banking arm in order to have access to a stable, inexpensive source of financing and are jockeying for formal licenses.

While the practice of fintechs pursuing those licenses isn’t new, applications are rolling in at an increasing pace during President Donald Trump’s second term in the White House. According to a report from the Klaros Group, there have been 13 federal bank charter applications in 2025 as of Oct. 17, the highest total ...