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Apply to Karat Banking at: app.trykarat.com/banking-application To complete your application, you’ll provide information about your business and its owner(s), including:
  • Legal name
  • Date of birth
  • Social Security Number (SSN)
  • Business & mailing address
  • Business details
  • Social media profiles
This information is required to verify identity and comply with federal regulations. You may apply as an unincorporated sole proprietor if you have not incorporated your business. International applicants are also eligible if they have a U.S. LLC. If you do not have an SSN, you can apply using your passport information. The passport option is available for banking-only applications and for owners other than the applicant. If your application also includes the Karat Card, you, as the applicant, need to provide an SSN. Non-U.S. applicants will be required to complete an additional document verification process.

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Account activity questions

After you enter your business information, you’ll see an Account activity step. This step collects the due-diligence answers our bank partner needs before opening your account, and covers:
  • How you plan to use your Karat accounts.
  • Expected monthly activity for non-wire electronic transfers, wire transfers, and check deposits.
  • Whether any of those transfers will be sent to or received from outside the U.S., and which countries you expect to send to or receive from.
  • Whether your business receives, holds, or sends money that belongs to your clients (for example, as a lawyer, accountant, or investment advisor). If yes, a few follow-up questions about your professional services appear.
Your answers are saved as you go, so if you leave and come back you can pick up where you left off. You’ll see your answers again on the Review step, where you can edit any card before submitting. The Account activity card must be complete before you can submit your application.

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Tracking your application

Your Banking dashboard reflects the current state of your application:
  • Not started: You’ll see an option to open a Karat Banking account, with a summary of benefits like APY on liquid balances, branded invoicing, and ACH/wire payments.
  • In progress: If you’ve started but not yet submitted, your dashboard shows how far you’ve gotten with a step counter (for example, 2/4 steps done) and a Continue application button to pick up where you left off.
  • In review: Once submitted, the dashboard confirms your application has been received. While in review, you can use Edit application to update information you provided if needed.
Once submitted, your application will be reviewed. In some cases, additional documentation may be requested before approval. See What happens after you apply for review timelines and next steps. Karat is a fintech company, not an FDIC-insured bank. Banking and Card services provided by Grasshopper Bank, N.A., First Internet Bank of Indiana, and Cross River Bank, Members FDIC.