The Bancorp (specifically The Bancorp Bank, N.A.) is an independent, FDIC-insured financial institution and banking partner rather than a subsidiary owned by PayPal. However, The Bancorp provides the underlying banking infrastructure and issues specific financial products for PayPal, such as the PayPal Debit Mastercard and related direct deposit routing services. While they collaborate closely to handle digital balance transactions and card issuance, they remain completely separate corporate entities.