---
title: A Rent-Financing App Has Applied to Run Its Own Utah Industrial Bank
description: Flexible Finance has applied to charter Flex Bank in Utah. What an industrial bank charter gives a fintech, and what the FDIC asked of the last applicant.
author: Darie Nani (Editor-in-Chief)
updated: 2026-07-26T19:25:15.416Z
canonical: https://www.sovereignmagazine.com/article/flex-utah-industrial-bank-charter-application
image: https://cdn.nanimediahouse.com/flex-utah-industrial-bank-charter-39114.webp
categories: FinTech
content_type: News
region: United States
publication: Sovereign Magazine
access: members
schema_type: Article
---

Flexible Finance, the New York company behind the Flex Rent app, has applied to the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions to charter Flex Bank, a Utah state chartered industrial bank. The application is pending. If it is granted, the bank would sit in the Salt Lake City area and operate nationally through digital channels only.

Flex does not hold a banking licence today. Its loans, lines of credit, banking services, loan disbursements and payment transmissions are provided by Lead Bank or Column N.A., both FDIC members, while Flex runs the app and the customer relationship. The proposed bank would issue Flex's core credit products, including Flex Rent, directly, and would give customers FDIC-insured deposit accounts.

Jeff Berkson, Flex's chief banking officer and formerly executive vice president and chief risk officer of WebBank, is proposed as president and chief executive of Flex Bank.

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