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No, Stripe is not becoming a bank
Last week, details emerged about an application that fintech giant Stripe had submitted for a U.S. banking license. There was a lot of chatter on X about
There was a lot of chatter on X about whether this meant Stripe – already the largest privately valued fintech in the world – would now be adding bank to the list of descriptions of what it does. This application helps us ensure we have an even broader range of options to support our users—and complements the work we do directly with banking partners across the US. In 2024, Wells Fargo (a former partner of Stripe’s) abruptly exited the BIN sponsorship business — where banks help fintechs access payment networks like Visa and Mastercard.
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