No, Laying does not become a bank

The details appeared last week program that Fintech giant Slice was submitted for US Banking License.

There was a lot on X whether this means that this way The largest private estimated Fintech In the world, it would now be the bank to add what he does for his job.

The short answer is as follows. No.

The right thing is that this is the first time the tape applied for a bank license. But what cannot be so simple is that the scope of the license is very narrow. This license does not mean that Fintech will receive deposits. What does it mean that if confirmed, it lays its payments to make it to have colleagues on his behalf.

TechCrunch told a strip spokesman. “During the last few years, how the base of the strip has increased significantly, we have significantly expanded the number of banking and other partners. This application to support our users including the UK.

The source of the reasons for becoming his trash can be stripped “to pay a little additional resilience.” It is currently that Bin sponsors: (or sponsored banks) differ depending on geography.

In 2024, Wells Fargo (a former partner of strip) sharply left the bitterspread business. While banks help Fintechs access payment networks such as Visa and Mastercard. When the banks do it, it leaves companies such as the strata at the risk of service failures.

Being able to process your own payments, layer is less dependent on its partners.

If confirmed, the tape could have this bank license until the third quarter of 2025.