Everyone Wants a Bank Charter. The Alts Are on Speed Dial

Want to be a bank? Call the Alts.

Michele Alt, her husband, Konrad, and eight other partners at Klaros Group LLC have become the go-to shepherds for the deluge of financial companies newly pursuing US bank charters under the Trump administration and its looser regulations.

Illustration: Arne Bellstorf for Bloomberg Businessweek

Founded in 2019, Klaros got its first business bump during Joe Biden’s presidency, when regulators cracked down on financial-technology companies and their bank partners, driving firms to seek out Klaros’ guidance. But it’s never been busier than in the past year. More than 30 companies have submitted applications for bank charters ...