26 December 2025
DLA Piper guides Propel Holdings Inc. in licensing approval to operate Puerto Rico-based bank
DLA Piper guided Propel Holdings Inc. in securing regulatory approval from the Office of the Commissioner of Financial Institution of Puerto Rico to establish Propel International Bank, Inc, a wholly owned subsidiary of Propel.
The approval required securing an International Finance Entity (IFE) license that allows the bank to provide a range of banking and financial services to clients in the US and globally. The newly formed bank, expected to begin operations in mid-2026, represents an evolution in Propel’s fintech-bank partnership platform.
“The structure reflects growing interest among international fintech companies in flexible and scalable bank charter models that support US-regulated operations across jurisdictions,” said José Sosa Lloréns, Co-Chair of the firm’s Financial Services practice in Latin America. “It also showcases DLA Piper’s capabilities in the fintech sector, especially on complex, cross-border matters.”
In addition to Sosa Lloréns, the cross-practice team spanning Corporate, Finance, and Tax included Partner Manuel López-Zambrana; Of Counsel Ileana Fernández-Buitrago and Edwin O. Figueroa Alvarez; and Associates David Manuel Magraner-Ortiz and Pablo Gil Díaz (all Puerto Rico).
DLA Piper in Latin America’s team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. For more information, visit Latin America | DLA Piper.
The approval required securing an International Finance Entity (IFE) license that allows the bank to provide a range of banking and financial services to clients in the US and globally. The newly formed bank, expected to begin operations in mid-2026, represents an evolution in Propel’s fintech-bank partnership platform.
“The structure reflects growing interest among international fintech companies in flexible and scalable bank charter models that support US-regulated operations across jurisdictions,” said José Sosa Lloréns, Co-Chair of the firm’s Financial Services practice in Latin America. “It also showcases DLA Piper’s capabilities in the fintech sector, especially on complex, cross-border matters.”
In addition to Sosa Lloréns, the cross-practice team spanning Corporate, Finance, and Tax included Partner Manuel López-Zambrana; Of Counsel Ileana Fernández-Buitrago and Edwin O. Figueroa Alvarez; and Associates David Manuel Magraner-Ortiz and Pablo Gil Díaz (all Puerto Rico).
DLA Piper in Latin America’s team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. For more information, visit Latin America | DLA Piper.