Fintechs and Neobanks Upend the Business Banking Landscape with Charter Applications and Bank Acquisitions

A wave of bank acquisitions and charter applications is upending the competitive landscape in small business banking. In September 2026 alone, Revolut received conditional approval to establish a U.S. national bank and Valley National Bank agreed to acquire Bluevine. Earlier in the year, Capital One acquired Brex, Mercury was conditionally approved to establish its own national bank, and PayPal pursued an industrial bank charter aimed at expanding small business lending. 

These moves raise the stakes for banks, credit unions, and their digital platform providers. Fintechs and neobanks have shown they can win portions of the relationship by solving specific operational needs—accepting payments, managing suppliers, sending money internationally, understanding cash flow, and obtaining credit. The largest now have the scale and sophistication to expand beyond those entry points and compete for deeper primary FI relationships. In this report, Javelin examines the recent wave of fintech charter applications and bank acquisitions, what they enable digital-first providers to do, and how banks and credit unions can remain relevant in more of a business customer’s daily financial life.