Stripe’s Banking Push Comes as Fintechs Dive Deeper Into Finance

Some fintechs have a new strategy for navigating the risks and limitations associated with their partnerships with banks: Become a bank themselves.

Payments unicorn Stripe Inc. and bank technology provider Fiserv Inc. have pursued a narrow banking charter in the state of Georgia, a signal that financial-technology companies are increasingly moving to gain more control over their businesses by reducing dependence on bank partners. Under the tech-friendly Trump administration, the trend is poised to accelerate.

Last week, Stripe applied for what’s known as a Merchant Acquirer Limited Purpose Bank charter in Georgia. If approved, the move would reduce the risk ...