Nayax has applied to establish a chartered bank in Connecticut, aiming to expand its embedded finance services for US businesses. The move could reshape how small and medium firms access payments, deposits, and credit tools
Israeli fintech company Nayax has submitted an application to create a chartered bank in the United States, targeting the growing demand for integrated financial services among American businesses. The proposed institution, Nayax America Bank, would be headquartered in Fairfield County, Connecticut, and is designed to operate under the state's Innovation Bank framework. If approved, the bank would focus on providing embedded finance solutions-such as corporate cards, controlled spending programs, and working capital products-directly through the Nayax platform.
The application, filed with the Connecticut Department of Banking, marks a significant step for Nayax as it seeks to deepen its presence in North America. The company has established a new holding entity, Nayax USA Holdings, to oversee the bank, with Carly Furman, currently CEO for North America, set to lead operations. The leadership team also includes CFO Sagit Manor, CTO Haim Pinto, and a board featuring strategy chief Aaron Greenberg and independent director Patrick Moroney.
Non-Depository Model and Embedded Services
Nayax America Bank is structured as a non-depository innovation bank, meaning it will not accept traditional deposits, offer consumer products, or maintain physical branches. Instead, its focus will be on business clients, delivering financial tools that are integrated into Nayax's existing payments and loyalty platform. According to the company, these services will complement the payment facilitation options already available to Nayax customers in the US.
Alongside the charter application, Nayax is launching Yellow Account, a new account and deposit service for small and medium-sized businesses (SMBs) using its platform. This offering is developed in partnership with sponsor bank Adyen, which will hold the underlying deposits. Should the bank charter be approved, Nayax plans to add credit products-such as merchant cash advances and equipment financing-to Yellow Account, with Adyen continuing as the sponsor bank for customer balances.
Regulatory Process and Market Context
The review process for Nayax America Bank is expected to last around six months and will include an independent feasibility study and a public hearing. If successful, the charter would add to Nayax's existing regulatory approvals in the United Kingdom, European Union, and Israel. The North American market is already a major contributor to Nayax's business, generating about 40% of its global revenue, according to company disclosures.
Nayax's move comes amid a wave of fintech firms seeking US bank charters to expand their service offerings and gain greater control over payment flows. Recent applicants include rent payments company Flex and stablecoin infrastructure provider Dakota, which is pursuing a national trust bank charter. Other firms, such as Coinbase, Crypto.com, and Bridge, have received conditional approvals for their own charters, reflecting a broader trend of regulatory engagement by technology-driven financial companies.
Key Figures and Industry Trends
According to Nayax, North America accounts for approximately 40% of its global revenue, highlighting the strategic importance of the US market for the company's growth. The review period for new bank charters in Connecticut typically spans six months, during which regulators assess the business model, risk controls, and public interest implications. The rise of non-depository innovation banks reflects a shift in how financial services are delivered to businesses, with embedded finance platforms increasingly replacing traditional banking channels for payments, credit, and loyalty programs.
Unlike traditional banks, non-depository innovation banks do not hold customer deposits or operate physical branches. Instead, they focus on integrating financial products into digital platforms, often in partnership with sponsor banks that manage underlying funds. This model allows fintech firms to offer tailored services to business clients while navigating regulatory requirements and leveraging established banking infrastructure.
