Affirm Holdings Inc. said it applied for a limited bank charter to help roll out additional financial-technology products for the buy-now, pay-later company’s US customers.

The San Francisco-based firm submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp. to establish a Nevada-chartered industrial loan company, which would operate as a bank subsidiary, it said in a statement Friday.

“A banking subsidiary would strengthen and diversify Affirm’s platform, and help us bring honest financial products to more people,” Chief Executive Officer Max Levchin said in the statement. “This is about expanding what we can do for consumers and merchants, and building for the long term.”

If approved, Affirm would join other fintechs in holding an industrial loan charter, including Block Inc., and companies seeking similar approvals, such as PayPal Holdings Inc. A rush of firms have applied for bank charters since President Donald Trump took office last year, and some have already been approved. Five cryptocurrency companies, including Circle Internet Group Inc. and Ripple, received approval for trust bank charters in December.

Read More: Everyone Wants a Bank Charter. The Alts Are on Speed Dial

The bank subsidiary would complement Affirm’s current product offerings and bank partnerships, the company said. If approved, Affirm Bank’s president would be John Marion, who has held senior roles at JPMorgan Chase & Co., MVB Financial Corp. and other financial-services companies.

– By Paige Smith (Bloomberg News)