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Square launches small business banking

Square launches small business banking
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Fintech's deal for tiny Utah bank may rile consumer advocates

Fintech's deal for tiny Utah bank may rile consumer advocates
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Square takes aim at big banks with checking, savings accounts

Square takes aim at big banks with checking, savings accounts
The payments processor plans to offer both types of accounts to the small businesses that use its app, according to hidden code in a recent update to its app.
May 25, 2021
2
MINS
Square Inc., whose technology has already upended the way small businesses take card payments, is quietly preparing to offer checking and savings accounts to those customers, taking direct aim at behemoths such as JPMorgan Chase & Co. Square’s shares jumped on the news.
Evidence of the still-unannounced plan appeared in hidden code in a recent update to Square’s app for Apple Inc.’s iPhone and iPad. The code references both types of accounts and indicates that the checking version will integrate with Square’s existing debit card for businesses. It also suggests that Square will differentiate itself by eschewing monthly service charges and fees tied to minimum balances and overdrafts. ....

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Nelnet Reports First Quarter 2021 Results

Nelnet Reports First Quarter 2021 Results
- GAAP net income $3.20 per share, $2.44 per share excluding adjustments
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LINCOLN, Neb., May 10, 2021 /PRNewswire/
Nelnet (NYSE: NNI) today reported GAAP net income of $123.6 million, or $3.20 per share, for the first quarter of 2021, compared with a GAAP net loss of $40.5 million, or $1.01 per share, for the same period a year ago.
GAAP net income increased for the three months ended March 31, 2021 compared to the same period in 2020 as a result of:
An increase in net interest income on the company s loan portfolio;
The recognition of a negative provision for loan losses as a result of improved economic conditions; ....

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SoFi acquires community bank Golden Pacific Bancorp to speed up its national bank charter process – TechCrunch

SoFi acquires community bank Golden Pacific Bancorp to speed up its national bank charter process – TechCrunch
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