Stripe’s Banking Push Comes as Fintechs Dive Deeper Into Finance
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Some fintechs have a new strategy for navigating the risks and limitations associated with their partnerships with banks: Become a bank themselves.
Payments unicorn Stripe Inc. and bank technology provider Fiserv Inc. have pursued a narrow banking charter in the state of Georgia, a signal that financial-technology companies are increasingly moving to gain more control over their businesses by reducing dependence on bank partners. Under the tech-friendly Trump administration, the trend is poised to accelerate.