Interactive Brokers Joins Fintech Race for US Banking License

Interactive Brokers seeks a U.S. license to expand custodial services, joining fintech peers pursuing national trust bank charters.

• Interactive Brokers applied for a US national trust bank charter to expand custodial and securities-lending services.
• The move places the brokerage among more than 30 fintech firms seeking US banking licenses this year.

Interactive Brokers has joined a growing list of fintech firms seeking US banking licenses, following moves by companies such as PayPal and Crypto.com.

The Greenwich-based brokerage confirmed that it filed an application with the Office of the Comptroller of the Currency (OCC) on December 20 for a national trust bank charter. If regulators approve the request, the firm will establish Interactive National Trust Bank to provide custodial and securities-lending services to mutual funds and exchange-traded funds.

By pursuing a national trust bank charter, Interactive Brokers aims to operate under a single federal regulator rather than securing separate licenses in every US state. This structure would allow the firm to offer services nationwide while significantly reducing regulatory complexity.

Interactive Brokers Joins Fintech Race for US Banking License

The move comes as Interactive Brokers continues to expand its business. The firm recently reported that its client base climbed to more than 4.31 million accounts, marking a 30% increase year over year. It has also broadened its global footprint by adding access to UAE-listed stocks and other international markets.

However, Interactive Brokers enters an increasingly crowded field. According to consulting firm Klaros Group, more than 30 companies have applied for US bank charters so far this year. PayPal submitted its own application earlier this month to support US retail and small business lending, while Mercury Technologies filed paperwork the same week.

Other major fintech and crypto firms have made similar moves. Circle applied for a national trust bank charter in July, Ripple followed shortly after, and Crypto.com joined the race in October. Outside the US, Revolut secured a banking license in Mexico, while Wise continues to explore banking licenses in both the UK and the United States.

Regulators typically take months or longer to review OCC applications, closely examining capital levels, compliance frameworks, and management teams. While Interactive Brokers already provides custody services through its brokerage platform, a trust bank charter would allow it to formally expand those offerings to institutional clients.

The firm has not indicated when it expects regulators to decide on its application.

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