berlin1

Jules Financial Enterprise

2755 South Federal Highway Suite #4, Boynton Beach, FL 33435
Contact Person: Job J. Jules
E: support@jjulesenterprise.com
P: 561-234-6700

Jack Dorsey’s Square kickstarts in-house banking services nearly a year after receiving conditional approval

Business

Screenshot 2021 03 02 at 11.03.56

Summary List Placement


Digital payments processor Square said on Monday it has launched in-house banking operations after completing the approval process with a US insurance agency and Utah’s financial regulator.

Square Financial Services, the industrial bank based in Utah’s Salt Lake City, is now ready for business after receiving conditional approval nearly a year ago.

“Moving forward, Square Financial Services will be the primary provider of financing for Square sellers across the US,” the company said in a statement.

The first few actions for the bank will include underwriting and offering business loans for Square’s existing lending product. Its primary purpose is to offer business loans and deposit products.

“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,” Square CFO Amrita Ahuja said.

Square is headed by longtime cryptocurrency advocate Jack Dorsey, who is also chief executive of social media platform Twitter. With a product line that includes the Cash App and Square Point-of-Sale, the company is known for its easy-to-use mobile payment services.

Shares in the company rose 3% to $248.80 in pre-market trading on Tuesday.

SEE ALSO: Global stocks drop as WHO says worldwide COVID-19 infections rose for the first time in 7 weeks

Join the conversation about this story »

NOW WATCH: Here’s what it’s like to travel during the coronavirus outbreak

%d bloggers like this: