Credit Card Startup Mission Lane Applies to Become US National Bank

Mission Lane was spun out of LendUp in 2018 and has raised more than $600 million in equity funding. It currently issues cards through TAB Bank and WebBank. The company is seeking a limited-purpose credit card bank charter so it can originate and hold loans directly, serving about 70 million Americans underserved by traditional financial institutions.

The application, made public on April 20, 2026, shows that Mission Lane has filed with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish Mission Lane Bank, N.A. in Richmond, Virginia. If approved, the new bank would offer only credit cards and optional credit protection. It would neither take deposits nor make commercial loans. The application amount was not disclosed.