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Click HERE to find out ⭐ Square Announces Financial Services to Begin Banking Operations. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more. ....
Square’s bank arm launches as fintech aims ‘to operate more nimbly’ Known for its innovations in the payments sector, Square officially now has a bank. Nearly one year after receiving conditional approval, Square said Monday afternoon that its industrial bank, Square Financial Services, has begun operations. Square Financial Services completed the charter approval process with the FDIC and Utah Department of Financial Institutions, meaning it’s ready for business. The bank, which is headquartered in Salt Lake City, Utah, will offer business loan and deposit products, starting with underwriting, and originating business loans for Square Capital’s existing lending product. ....
Posted on 8114 Today, Square, Inc. announced its industrial bank, Square Financial Services, has begun operations after completing the charter approval process with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions. Square Financial Services is an independently governed subsidiary of Square, Inc. Headquartered in Salt Lake City, Utah, its primary purpose will be to offer business loan and deposit products, beginning with underwriting and originating business loans for Square Capital’s existing lending product. Moving forward, Square Financial Services will be the primary provider of financing for Square sellers across the U.S. “Bringing banking capability in-house enables us to operate more nimbly, which will serve Square and our customers as we continue the work to create financial tools that serve the underserved,” said Amrita Ahuja, Square, Inc. C ....