Checkout.com Secures Georgia Bank Charter, Advances U.S. Acquiring Strategy
Checkout.com Secures Georgia Bank Charter, Advances U.S. Acquiring Strategy
Checkout.com received approval for a Merchant Acquirer Limited Purpose Bank (MALPB) charter from the Georgia Department of Banking and Finance, enabling the company to move into operational execution for running a regulated acquiring entity in the US. The approval positions Checkout.com to advance its US expansion.
What the Georgia MALPB Charter Enables for Checkout.com’s US Model
Step toward becoming its own US acquirer: The charter supports a shift from reliance on external acquiring partners toward direct acquiring operations, increasing control over transaction routing and settlement.
Direct US card network integration: The operating model includes direct card network connectivity, which typically improves end-to-end processing control and reduces dependency on intermediaries.
US expansion anchored in Atlanta: North American operations are being scaled with a strategic hub in Atlanta, Georgia, alongside existing offices in New York and San Francisco.
Large processing scale disclosed for 2025: Checkout.com reported processing over $300 billion in ecommerce volumes in 2025, indicating significant merchant throughput as the company builds regulated US acquiring capabilities.
Operational ramp planned through 2026: The approval includes conditions requiring infrastructure scaling and local staffing, with a target to move toward full charter banking operations in 2026.
FinTech Firms Pursuing U.S. Banking and Trust Charters
Bunq: bunq, Europe’s second largest neobank filed a de novo banking license application with the Office of the Comptroller of the Currency (OCC), advancing plans to establish regulated banking operations in the United States.
Mercury: Mercury applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter to become the Bank for builders and separately filed for federal deposit insurance with the Federal Deposit Insurance Corporation (FDIC).
PayPal: PayPal has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish a Utah-chartered industrial loan company, proposed as PayPal Bank.
Circle: Circle has received conditional OCC approval to establish a national trust bank to manage reserves backing its U.S. dollar stablecoin under federal oversight.
Ripple: Ripple has secured conditional approval to form a national trust bank, placing its stablecoin reserve management under both federal and state regulatory supervision.
Coinbase: Coinbase has applied to become a national trust company to expand its custody business and support payments and related services under federal regulation.
Stripe: Stripe has applied for a limited-purpose merchant acquirer bank charter in Georgia to gain direct card network access, without offering deposits or traditional banking services.
Wise: Wise has filed an application with the OCC to create a national trust bank, aimed at reducing dependence on partner banks and supporting service expansion in the U.S.
Nubank: Nubank has applied for a U.S. national bank charter as part of plans to explore broader market participation, including deposits, credit, and custody services.
Revolut: Revolut has confirmed it is evaluating options to establish a U.S. bank, either through acquisition or by applying for a new banking license.
