Rent payment fintech Flexible Finance applies for bank license
What's happening
Flexible Finance, the company behind Flex Rent, has applied for a Utah industrial bank charter to scale its flexible rent payments product. The firm has filed applications with the FDIC and the Utah Department of Financial Institutions to charter a Utah state-chartered industrial bank called Flex Bank. Flexible plans for the lender to be based in the Salt Lake City area and operate nationally through digital channels, and has named Jeff Berkson, who until May served as chief risk officer at WebBank, as the proposed CEO.
Why it's trending
Fintechs are moving to secure banking charters to control deposits and lending as they scale digital payment products.
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Flex is trying to build its own bank so Flex Rent can grow faster, here is what that actually means for renters and landlords today:
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Original sources5
- Rent payment fintech Flexible Finance applies for bank license
Flexible Finance, Inc. (“Flex”), the financial technology company behind Flex Rent, today announced it has submitted applications to the Federal Deposit Insurance Corporation (“FDIC”) and the Utah Department of Financial Institutions (“UDFI”) to charter Flex Bank, a Utah state-chartered industrial bank.
FinextraJul 28 - Rent fintech Flex applies for ILC charter
Jeff Berkson, who until May served as chief risk officer at WebBank, will be the bank’s proposed CEO. The lender will be based in the Salt Lake City area and operate nationally through digital channels.
Banking DiveJul 28 - Rent payment fintech Flex seeks Utah bank charterFinTech FuturesJul 28
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