Google Partners with 11 Banks to Launch Plex Mobile Bank Accounts

Google announced partnerships with 11 banks and credit unions to launch Plex, a new mobile-first bank account product, with availability planned for 2021. Partner institutions include major names such as Citi, BBVA, and Green Dot, among others. Plex accounts would be integrated into Google Pay, providing users with checking and savings accounts offered by the partner banks.

Google serves as the distribution and technology platform while the partner banks hold the deposits and provide FDIC insurance. The initiative marks one of the most ambitious big tech forays into embedded banking, leveraging Google's massive consumer reach. For the partner banks, the arrangement offers a new digital distribution channel to acquire customers.

The project is notable for its scale and the potential to reshape how consumers access banking services through non-bank platforms. Specific financial terms of the partnerships were not disclosed.