US-based PayPal Holdings, Inc has formally applied to set up PayPal Bank, submitting applications to both the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC), the company stated in a release. The move represents a step in PayPal’s evolution from payments platform to full service financial provider. “Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities ac ...