Square officially brings small business banking in-house.
Its new industrial bank could leverage its vast merchant network and data capabilities to establish Square as a significant threat to incumbents.
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The fintech, which provides point-of-sale payment and credit solutions to small and medium-sized businesses (SMBs), opened the doors to its highly anticipated industrial bank. Square fires up its business bank, and incumbents can feel the burn. Insider Intelligence
It will initially just offer its existing lending product, with plans to expand into more business loan and deposit offerings in the future. Square s journey began in 2017 and culminated with regulatory approval to become an industrial bank last March. It will operate the new entity as an independently gov