Nayax applies for Connecticut bank as US push grows

Nayax has applied to establish Nayax America Bank in the United States under Connecticut's Innovation Bank framework.

The company has also launched Yellow Account, an account and deposit service for small and medium-sized business customers on its US platform. Nayax operates the product with Adyen as the sponsoring bank, which holds the underlying deposits.

If approved by state regulators, the proposed bank would be a non-depository institution headquartered in Fairfield County, Connecticut. It would sit under Nayax USA Holdings, a newly formed US holding company.

Carly Furman, Chief Executive Officer of Nayax North America, has been named proposed Chief Executive Officer of the bank. Sagit Manor is set to serve as Chief Financial Officer and Haim Pinto as Chief Technology Officer.

The initial board would include Furman, Aaron Greenberg, Nayax's Chief Strategy Officer, and Patrick Moroney as an independent director. Nayax expects the board to expand to five directors, including three independents.

US expansion

The application marks a deeper push into financial services for Nayax's US customer base, which already uses the company's payments platform. North America accounts for about 40% of Nayax's global revenue and is its largest market.

If chartered, the bank would allow Nayax to offer embedded financial services through its own regulated structure in the US. Those services would include corporate cards, controlled-spend programmes, merchant cash advances and equipment financing.

These products would sit alongside the payment facilitation services Nayax already provides in the US. The proposed bank would not accept deposits, offer consumer products or operate physical branches.

Yellow Account is structured separately from the charter application. Through the service, business customers can receive settlement funds, hold balances and use linked business debit cards known as Yellow Cards within the Nayax platform.

Adyen remains the banking partner for those balances and related regulatory requirements. That arrangement would continue even if the proposed bank becomes operational because the new bank would not take deposits.

Regulatory route

Connecticut's Innovation Bank framework is designed for non-depository financial institutions. The state's banking department will review the application, including an independent feasibility study and a public hearing, before making a decision.

Nayax already holds payment and card-issuing licences or authority across the European Union, the United Kingdom and Israel. The proposed US bank would extend that model to North America, where the group is seeking greater control over the financial services it offers through its platform.

Aaron Greenberg described the filing as part of a broader effort to expand Nayax's role with existing customers.

"Payments are how we built our relationship with customers. This represents a larger opportunity to become the financial platform our customers rely on to run their businesses," said Aaron Greenberg, Chief Strategy Officer, Nayax.

"As we add issuing and credit products on our own regulated infrastructure, we can serve a larger share of each customer's financial needs, and Connecticut's Innovation Bank framework is the foundation for the next step in our US strategy," he added.

Local footprint

The bank would bring investment and skilled jobs to Connecticut if approved. Nayax plans to base its regulated banking operations in Fairfield County, adding to a growing cluster of financial technology employers in the state.

For Nayax, the filing reflects a broader shift among payments and software companies seeking to add more financial products for business users while keeping customers within their own systems. Rather than offering only payment acceptance, these companies are pursuing revenue from areas such as card issuing, expense controls and short-term funding.

That model often still relies on partner banks for deposit-taking, especially where a company's own licence does not permit deposits. Nayax's launch of Yellow Account under Adyen's sponsorship shows how that structure can be used while a separate banking application moves through review.

Furman said the bank charter would broaden the company's offering in the US market.

"Our customers already trust Nayax as their payments partner, and a bank charter would allow us to further expand the services we offer, as well as further bolster our payment facilitation infrastructure," said Carly Furman, Chief Executive Officer of Nayax North America and proposed Chief Executive Officer of Nayax America Bank Inc. "We look forward to working with the Connecticut Department of Banking through its review of our application."