Nayax (NASDAQ:NYAX) has applied for a bank charter in the state of Connecticut.
Nayax is a Fintech that was founded in Israel nearly two decades ago. The company is regulated in multiple jurisdictions including the UK and the EU. The company has focused on payments and merchant services and today reports 120,000 customers, providing services in around 120 different countries.
According to a release, Nayax has filed an application with the Connecticut Department of Banking to establish Nayax America Bank as a non-depository innovation bank chartered under Connecticut’s Innovation Bank framework.
Aaron Greenberg, Chief Strategy Officer of Nayax, says by becoming a regulated bank there is a larger opportunity to become the financial platform our customers.
Nayax states that after approval it would enable Nayax customers across the United States to access more embedded financial services, including corporate cards, working-capital solutions like merchant cash advances directly through the Nayax platform. The company said it would not accept deposits, engage in consumer products, or operate physical branch locations.