Mmastodon BusinessBanking first seen 4 d ago, last 3 d ago, peak #2

Upgrade seeks ILC charter for its own FDIC-insured bank

Original: Upgrade is latest fintech to seek ILC charter Upgrade says its application would give the fintech its own FDIC-insured b

Fintech lender Upgrade has applied for an industrial loan company charter, which would give the company its own FDIC-insured bank. The move follows a path taken by several other fintechs, and Upgrade says the charter would let it hold deposits directly while keeping its existing partnerships with partner banks and loan purchasers intact.

Why now: The application signals growing fintech interest in bank charters, a trend reshaping how lending startups regulate themselves.

UpgradeFDIC

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• Upgrade is latest fintech to seek ILC charter Upgrade says its application would give the fintech its own FDIC-insured bank while preserving its existing relationships with partner banks and loan purchasers. https://www. americanbanker.com/news/upgrad… · AlexJimenez@mas.to · 1

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