After receiving approval from the Federal Deposit Insurance Corporation about a year ago, the parent company of the mobile payment service Cash App has now opened its own bank.
A subsidiary of Square, Inc., « Square Financial Services « will » offer business loan and deposit products starting with the underwriting and lending of business loans for Square Capital’s existing loan product. » Going forward, Square Financial Services will be the primary financing provider for Square sellers in the United States. “The banking venture was launched straight from Twitter and Square CEO Jack Dorsey, who tweeted a link to an official banking start-up statement.
Read Jack Dorsey’s tweet and part of Square’s official statement , Inc. on the launch of Square Financial Services below.
« By leveraging bankability internally, we can move faster, which will benefit Square and our customers as we continue to work to create financial instruments that serve the underserved, » said Amrita Ahuja, chief financial officer and Executive Chairman of Square, Inc. of the Board of Directors of Square Financial Services. « We thank the FDIC and DFI in Utah for their partnership in enabling us to achieve this milestone and look forward to expanding access to financial services during this critical time for small businesses. »
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