The approval for its Merchant Acquirer Limited Purpose Bank (MALPB) charter from the Georgia Department of Banking and Finance allows Checkout.com to accelerate its plans to operate as its own acquirer in the United States market, the company said in a Monday (Jan. 12) press release.
Direct U.S. card network integration will provide Checkout.com with greater control, enhancing innovation, acceptance rates and performance, according to the release.
“This milestone paves the way for a new era of payment performance,” Jordan Reynolds, MALPB CEO and head of North American banking at Checkout.com, said in the release. “Our focus is now on scaling our infrastructure and building up talent in Atlanta and the U.S. to meet the rigorous conditions of our approval. We are on track toward full charter banking operations in 2026, doubling down on our commitment to provide U.S. enterprise merchants with the performance and reliability they demand.”
Checkout.com announced in October that it was seeking a Georgia bank charter and that it appointed Reynolds MALPB CEO and head of North American banking at the company’s new Atlanta office.
The company said the Atlanta office joined its existing offices in New York and San Francisco and marked an expansion of its capabilities in North America.
“The Georgia MALPB charter is a pivotal moment for our business, marking a ‘line in the sand’ in our commitment to the U.S.,” Checkout.com CEO and founder Guillaume Pousaz said in an Oct. 3 press release. “Just as our U.K. acquiring license in 2012 was a catalyst for our business, we see this as the definitive accelerant for our growth in the U.S.”
PYMNTS reported in February that more FinTechs were opting to secure their own banking licenses or even acquire banks to bring accounts, cards and other digital-first financial offerings to customers.
The report added that the trend was likely to continue as the new regulatory environment after the election of President Donald Trump and a push to overhaul the application process was creating a smoother path toward getting banking licenses.