Israeli payments firm Nayax seeks CT innovation bank charter
Nayax Ltd., an Israel-based payments technology company, is expanding its U.S. business by applying for a Connecticut innovation bank charter to offer commercial lending and card-issuing services. The company plans to establish Nayax America Bank Inc., a non-depository institution based in Fairfield County, Connecticut.
About the Company
Nayax provides payment technology, software, and loyalty tools primarily for unattended retail businesses, including vending machine operators. The company employs approximately 1,250 people worldwide, with roughly 40% of its revenue generated in North America—its largest market. Nayax holds regulated payment and card-issuing authority in the European Union, United Kingdom, and Israel.
Role Overview
If approved, Nayax America Bank will offer the following services through the Nayax platform:
- Corporate cards
- Merchant cash advances
- Equipment financing
The bank will not accept deposits, offer consumer banking products, or operate physical branches.
Regulatory Context
Connecticut’s innovation bank charter allows fintech companies to provide certain commercial banking services without accepting retail deposits or obtaining federal deposit insurance. Nayax would join a small but growing group of fintech firms, including Banking Circle US (Stamford) and Numisma Bank (Greenwich), leveraging this framework.
The Department of Banking’s review process is expected to take about six months, including an independent feasibility study and public hearing, before a decision by Banking Commissioner Jorge Perez.
Strategic Vision
“Payments are how we built our relationship with customers,” said Chief Strategy Officer Aaron Greenberg. “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 U.S. strategy.”