Square Gets FDIC's Approval To Launch A Bank In 2021

Law360 (March 18, 2020, 9:21 PM EDT) -- Electronic payments company Square received the green light Wednesday to launch a bank after the Federal Deposit Insurance Corp. announced that it had conditionally approved the company's application to launch an industrial loan company.

Square Inc., founded by Twitter CEO Jack Dorsey, said it plans to launch Square Financial Services next year as an independent subsidiary. The new bank received deposit insurance approval linked to the FDIC's industrial loan company bank charter, and its primary line of business will be originating small business loans to companies using Square services to process payments as well as providing deposit products, Square said in...

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