The strategy: Mission Lane has applied to become a national bank—a shift from relying on a partner bank to offer credit card products, per a press release. 

Why this matters: Mission Lane wants to cut out its reliance on a partner bank with a limited license rather than becoming a full-service bank. The fintech’s mission is to serve the “70 million credit-marginalized Americans.” An approval would allow Mission Lane more control over its margins, especially in this riskier market. 

Implications for fintechs: Regardless of the final regulatory decision, Mission Lane will remain focused on credit card products for its specific customer base—though that base appears to be growing. According to the 2026 Snap Finance Report, 26% of US consumers believe their financial situations have worsened over the past year, which could push more consumers into the “credit-marginalized” category. 

Still, the trend of fintechs gaining banking licenses has sparked fury among some banking groups and inspired a potential lawsuit against the Office of the Comptroller of the Currency, according to PYMNTS. Sustained lobbying and legal action could create pressure for regulators to slow such approvals.