{
  "id": 9189931,
  "title": "Fintech startups that hated banks are now becoming them",
  "url": "https://urgent.news/2026/09/22/fintech-startups-that-hated-banks-are-now-becoming-them",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-22T19:42:39.000Z",
  "source": {
    "name": "Semafor",
    "slug": "semafor",
    "url": "https://www.semafor.com/article/09/22/2026/fintech-startups-that-hated-banks-are-now-becoming-them"
  },
  "original_language": "en",
  "account": "Once scornful of banks, fintech startups are now embracing the banking industry themselves. SoFi, a pioneer in this movement, has transformed into the 46th largest bank in America. Klarna, PayPal, and Chime have followed suit, with Chime announcing a recent bank acquisition. Revolut, a company once vocal about its dislike for banks, has also applied for a banking license. Block, which obtained a limited banking license in 2021, is eyeing additional licenses as well. The shift towards becoming banks is driven by the lucrative opportunities in lending, especially as the tech-savvy customers they initially attracted pursue homeownership. Controlling their own funding sources is crucial, as seen with LendingClub's purchase of a bank in 2020 to become Happen. These companies recognize the risks associated with rapid growth, as regulators tend to penalize banks for expanding too quickly. Robinhood's aborted pursuit of a banking license in 2019 serves as a reminder of this. Chime's recent acquisition of Stride has boosted its shares, but they have since experienced a nearly 10% decline.",
  "summary": "SoFi is now a bank, the 46th biggest in America. So are Klarna and PayPal. Chime is the latest to bite the bullet.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}