If approved, PayPal Bank would help the firm bolster its small-business lending capabilities, and the company has provided access to more than $30 billion in loans and capital since 2013. PayPal is also interested in offering customers interest-bearing savings accounts as the firm builds out and improves its consumer-focused finance products.
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PayPal applies to become a bank as US loosens regulatory reins
If approved, PayPal Bank’s president will be Mara McNeill, who previously served as CEO of the financing arm of Toyota Motor Corp.
