Finance
Checkout Seeks US Bank Charter for Card Payment Processing
The move is the latest sign that fintechs are looking to gain more control over their operations and rely less on their bank partners.
Photographer: Hollie Adams/BloombergCheckout.com said the state of Georgia accepted its application to seek a bank charter, in a move that will allow it to directly connect to the payments networks operated by Visa Inc. and Mastercard Inc.
The company is seeking a merchant acquirer limited purpose bank charter, according to a statement. The London-headquartered fintech is also establishing a new office in Atlanta as part of the move.