Many fintechs look like banks to the user but are not actually banks and are therefore not themselves FDIC-insured. Instead, they typically partner with chartered banks that hold deposits, issue cards, and provide regulated banking services, while the fintech provides the customer-facing technology and user experience.

Because some fintechs are banks and others are not, consumers should verify which institution actually holds their deposits if they want FDIC insurance protection.

Remember, FDIC insurance applies only to deposits held at an FDIC-insured bank.

JRN by Bauer 43:35, September 9, 2026

Is it a Bank? Is it a FinTech? Is it Superman?

No wonder people are confused. These words are frequently used interchangeably: neobanks, challenger banks, fintechs (short for financial technology companies). They are all similar in that they provide limited (usually) banking services and have no branches (usually). The “usually” should tip you off that they are not all the same. But the most important thing to remember is that many of these institutions are NOT banks and are NOT FDIC-insured.

To avoid getting into the minutia of the definitions, we are going to refer to them all as fintechs. Some of the better-known fintechs include Chime, Current, and Revolut, but there are plenty of others, all competing for your money. Notice we said money – not deposits. Because, as we said, many of these fintechs are not banks. To enhance their businesses, these companies partner with chartered banks responsible for deposits, card issuances and/or loans. Together, banks and fintechs can offer a larger suite of products than either could on its own.

• Chime

For example, Chime, which bills itself as “America’s #1 Choice for Banking”, even though it is not a bank, provides and runs its own proprietary mobile App. On the App, customers can check their balances, manage settings, and access features that that are not available through the partner banks, like fee-free overdrafts and early paycheck access. As of this writing, Chime’s traditional banking services are provided by either 5-Star Bancorp Bank, N.A., Sioux Falls, SD (35444) or 5-Star Stride Bank, N.A., Enid, OK (4091). However, if you were to open an account directly with either of these banks, you would not have access to the proprietary Chime features.

• Current

Current refers to itself as “a leading U.S. financial technology platform transforming financial access for everyday Americans.” Banking services at Current are currently provided by one of its partner banks, 4-Star Choice Financial Group, Fargo, ND (9423) or 3½-Star Cross River Bank, Fort Lee, NJ (58410). Current has its own proprietary functions (e.g. early access to directly deposited paychecks, credit-building opportunities, budgeting and tracking tools).

Without the partner banks, neither of these fintechs would be able to take in FDIC-insured deposits, issue debit or credit cards, or handle any other transaction that requires a bank charter.

• Revolut

Revolut began in Europe and has been working hard to build a worldwide network. It is not content to just operate as a partner, but has applied (as some do) for a U.S. bank charter in March. While its application for deposit insurance is still pending, Revolut’s bank charter application just received approval on September 2, 2026. Up until now, Revolut has used several banking partners including 3½-Star Cross River Bank, Fort Lee, NJ (58410), 4-Star Lead Bank, Kansas City, MO (8283) and 4-Star Sutton Bank, Attica, OH (5962). It is ultimately up to the consumer to know which bank is holding their deposits.

If the FDIC approval is forthcoming, Revolut Bank US, N.A., Stamford, CT will likely be the recipient of all new accounts from Revolut’s app and website. Like most fintechs that started a bank, Revolut Bank, Stamford, CT will have no branch offices. Although, that is not always the case. 4-Star Green Dot Bank, Provo, UT (22653), which, depending on how you define fintech bank, may have been the first in the nation. Green Dot does still operate the single office of Bonneville Bank that it purchased in 2011 (JRN 39:15.5).

• SoFi

Like Revolut, 5-Star SoFi Bank, N.A., Cottonwoods Heights, UT (26881) began as a fintech. Instead of chartering a de novo bank, SoFi Technologies acquired Golden Pacific Bank, N.A., Brownsville, CA in 2022. Then it changed its name and moved its headquarters to Utah. We don’t know how Revolut will evolve, but SoFi has a plethora of products available on its website. Only the bank deposits are FDIC-insured. (93.23% of SoFi Technologies, Inc.’s assets are at the bank level, but remember, deposits are not assets for a bank, they’re liabilities.)

• Conclusion

We could go on and on. There are countless fintechs that offer apps and other front-end tech that make them look and feel like online banks. As you can see, some are and some are not. The purpose of this article is not to list all possibilities, but rather to let you know that not all entities that look and feel like a bank are actual banks. Therefore, if you want to ensure that your deposits are federally-insured, you may have to dig a bit to see what institution is holding your deposits. (Reminder: FDIC insurance covers your deposits only in the event of a failure of an FDIC-insured bank.)