Jon Prior

The fintech Sezzle has finally received its point-of-sale lending license in California after agreeing to refund consumers in the state and pay a penalty for previously making illegal loans there, the California Department of Business Oversight said Thursday.

A California regulator on Monday denied a lending license to the point-of-sale financier Sezzle in a detailed written decision that could have broader consequences for upstart consumer lenders.

Rakuten joins a growing list of fintechs trying to enter the regulated banking sector. All have faced their share of obstacles.

In a presentation Thursday, co-COO Gordon Smith expanded on Jamie Dimon's recent comments about frustrations in the mortgage market, was upbeat about branch profitability and discussed some of the bank's Chase Pay challenges.