Klarna Group Plc applied for a bank license in the US as the firm, known for buy-now-pay-later loans, seeks to grow its banking operations in the country.

The payments firm submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp., according to a Monday statement. The proposed US industrial bank, Klarna Bank USA, will be chartered in Utah.

Klarna has operated in the US through a partnership with WebBank, which allowed it to offer debit cards and manage digital wallets. A banking license will bring Klarna’s existing US operations in-house to support “sustainable growth,” the firm said in the statement.

Last month, Stockholm-based Klarna launched savings accounts in the US as part of an effort to attract more everyday users.

Many foreign fintechs are pushing to grow in the world’s largest economy and compete with large and regional banks that have been slow to retool their technology. The Trump administration has also sought to scale back regulation and promote collaboration between fintechs, financial institutions and regulators.

Klarna also tapped Gary Harding as the chief executive officer of the US banking entity. He was most recently the CEO and chairman of Milestone Bank, according to his LinkedIn profile.

— By Isabella Farr (Bloomberg News)