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As online banks and cash management accounts grow in popularity, the word "fintech" has become part of everyday conversation. The fintech category describes a wide range of financial technology...
While they aren't exactly banks and don't carry the same risks, some of the same dynamics apply.
Shares of Square (NYSE:SQ) climbed 11% after the fintech company launched a slate of new banking services, and its CEO shared his crypto-related aspirations. So what On Tuesday, Square unveiled three new products: Square Checking, Square Savings, and a rebranding of its business financing division, which will now be called Square Loans. These products will be integrated into Square's existing merchant services, with the goal of providing business owners with a one-stop solution for their financial needs. Image source: Getty Images. And on Wednesday, CEO Jack Dorsey shared his vision for ...
REGISTER NOW The new holy grail of fintech is the so-called super app. But even a super app needs a few mild-mannered features, and for Square those will come in the form of a traditional checking and savings account. Square's plans for these new accounts were revealed in the code of an update to its iPad and iPhone apps, according to Bloomberg. By offering these accounts within the same app that merchants use for accepting payments, Square can provide a full banking relationship to any of the small and midsize business owners that already use its technology. Unlike most of its fintech rival...
An iOS app update reportedly contains language about two forthcoming bank accounts from Square—which, if true, put it ahead of the competition.