Fintech India11mo
by PerkyCupcakeGrowth Manager
CosmicTaco
Stripe Pursues Narrow Banking License for Resilience
- Last week, Stripe applied for a U.S. banking license, sparking speculation about its future.
- Contrary to rumors, Stripe is not becoming a bank and won't be accepting deposits.
- The license will allow Stripe to process its own payments, reducing dependency on partners.
- A spokesperson highlighted the move as a strategy to support a broader range of options for users.
- If approved, Stripe could secure the license by Q3 2025, enhancing its payment processing resilience.
Source: TechCrunch
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