Nayax will not take deposits or open branches under Connecticut's innovation charter. It starts Yellow Account with Adyen while state regulators review.
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Nayax (Nasdaq: NYAX) applied to become a regulated bank in the United States. The Israel-headquartered payments company said Thursday that it filed with the Connecticut Department of Banking to establish Nayax America Bank Inc., a non-depository innovation bank chartered under Connecticut's Innovation Bank framework.
A non-depository innovation bank holds no customer deposits and operates no physical branches. The charter would let Nayax offer corporate cards and controlled-spend programs, plus working capital products such as merchant cash advances and equipment financing, all delivered through its platform. Consumer products are not part of the application.
"Payments are how we built our relationship with customers. This represents a larger opportunity to become the financial platform our customers rely on to run their businesses," Aaron Greenberg, chief strategy officer, said in a news release. "As we add issuing and credit products on our own regulated infrastructure, we can serve a larger share of each customer's financial needs, and Connecticut's Innovation Bank framework is the foundation for the next step in our U.S. strategy."
Greenberg described payments as the way Nayax builds relationships. The bank is meant to add issuing and credit services on top of that base.
Thursday's filing follows years of muted charter activity among fintechs. PYMNTS reported last month that organizers continue to pursue de novo institutions for a variety of business models. The report tied that push to a view among some fintechs that direct federal supervision can offer greater long-term control than relying exclusively on sponsor-bank relationships.
Nayax also launched Yellow Account, an account and deposit service for small and medium-sized businesses that process payments through Nayax. Adyen is the sponsoring bank. Customers can receive settlement funds and hold balances in the Nayax platform; linked business debit cards give them access to those balances. Adyen holds the underlying deposits and meets the banking and regulatory requirements.
Yellow Account and the charter application work as one plan. For customers, Adyen is the bank behind the account for now. Nayax said it expects to add credit products such as merchant cash advances and equipment financing to the account once the bank is chartered and operational. The charter would shift the regulated role from Adyen to Nayax America Bank.
Under a sponsor-bank arrangement, the bank holds deposits and carries the regulatory burden; the fintech manages the customer relationship. The Connecticut filing describes a structure in which Nayax America Bank would take over those functions for issuing and lending in the U.S.
Nayax described the charter application and Yellow Account launch as part of the next phase in its global strategy. The United States is already Nayax's largest market. Owning its regulated infrastructure rather than relying on third-party sponsors, Nayax said, would let it embed banking services more directly into its platform and capture a greater share of each customer's financial activity.
Nayax did not say how the lending products would be funded, and the application does not include a deposit-taking bank.
Nayax did not provide a timeline for the Connecticut decision; the review sits with Connecticut's Department of Banking. Yellow Account is available to customers now.
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