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Mercury has applied for a national bank charter with the OCC, appointing Jon Auxier as its chief banking officer and CEO of the proposed bank. The fintech targets startups and plans to enhance its services by becoming an FDIC-insured bank, aiming for greater stability and customer trust.
PayPal is applying to create a bank called PayPal Bank, which would be a Utah-chartered industrial loan company. This move aims to streamline lending to small businesses and lessen dependence on third-party services. Since 2013, PayPal has issued over $30 billion in loans to businesses worldwide.