A handful of former U.S. Bancorp employees plan to launch a digital bank designed to serve small- to mid-size businesses in the US.
The proposed upstart, dubbed VALT Bank N.A., aims to provide credit and deposit products, in addition to treasury and cash management services for “digitally oriented” companies, according to an application for national bank charter dated Nov. 13 submitted to the Office of the Comptroller of the Currency. VALT’s pursuit of a bank charter comes as the industry has been calling on regulators to eliminate impediments to the formation of new banks, or de novo banks, which are full-fledged national banks built from the ground up.
Source: bloomberg.com
