The Bank is open, Affirm applies for limited US bank charter in Nevada

Affirm Holdings Inc. (AFRM) has applied for a limited bank charter to expand its financial technology offerings for U.S. customers, the company announced Friday, according to Bloomberg.

The San Francisco-based buy-now, pay-later company submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp. to establish a Nevada-chartered industrial loan company. The entity would operate as a bank subsidiary under Affirm’s corporate structure.

An industrial loan company charter would allow Affirm to offer banking services while maintaining its focus on installment lending products. The charter application represents the company’s effort to broaden its financial services beyond its current pay-over-time offerings.