No, the tape does not become a bank

Last week, details appeared about to request This giant findch tape It was submitted for an American banking license.

There was a lot of gossip on X about whether this means the tape – indeed The largest accuracy of a special value In the world – it will now add a “bank” to the list of descriptions of what it is doing.

The brief answer is: No.

What is true is that these signs are the first time that Stripe has submitted for a bank license. But what may not be clear is that the license range is a very narrow type. This license does not mean that Fintech will accept deposits. What this means is that if it is approved, the tape will be allowed to process its own payments in addition to the presence of partners who treat payments on behalf of this.

A STRIPE spokesman told Techcrunch: “Over the past few years, with the growth of Stripe business, we have expanded the number of banking services and other partners we are working with. This application helps us to ensure that there is a broader set of options to support our users – and complements the work we do direct This strategic trend. “

A source familiar with the reasons for becoming its own container said that it gives the tape “a little additional flexibility to treat payments” directly. Currently, her Bin’s shepherds (Or bank care) differs depending on geography.

In 2024, Wells Fargo (a former Stripe’s partner) suddenly out of the BIN care – where banks help payment networks access to networks such as Visa and MasterCard. When banks do it, it leaves companies like a ribbon at risk of service failures.

By the ability to process its own payments, Stripe is less dependent on its partners.

If approved, Stripe may have this banking license by the third quarter of 2025.