Credit Card Fintech Mission Lane Applies to be National Bank

Credit card startup Mission Lane is the latest financial-technology company to apply to become a US bank.

Mission Lane is seeking to become a national bank, headquartered in Richmond, Virginia, with the US Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., according to an application made public Monday.

Mission Lane Bank would, if approved, only engage in credit-card operations and not accept deposits or make commercial loans, according to the application. The company also plans to offer an optional credit-protection product.

“The bank will focus on a specific market niche: an estimated 70 million Americans ...