Core Insights - Affirm is seeking to establish a bank subsidiary named Affirm Bank to enhance its financial services and product offerings [2][3] - The proposed bank will be a Nevada-chartered industrial loan company, allowing Affirm to scale operations while being FDIC-insured [2][3] - Affirm's CEO, Max Levchin, emphasized that the banking subsidiary would diversify the platform and provide more accessible financial products to consumers and merchants [4] Company Developments - Affirm has submitted applications to the Nevada Financial Institutions Division and the FDIC for the establishment of Affirm Bank [2] - If approved, Affirm Bank will operate independently with its own governance and internal controls [3] - The establishment of the bank is part of Affirm's strategy to expand access to financial products, particularly for younger consumers and those underserved by traditional credit systems [5] Industry Context - The trend among FinTech companies, including Affirm, is to pursue bank charters to broaden product lines and streamline access to the U.S. financial system [6] - Other FinTechs, such as Revolut, are also seeking banking licenses to enhance their service offerings in the competitive retail finance market [6]