FDIC: Approves Square For Banking License
- Square Financial Services will originate commercial loans to the retailers that use Square for payments
- The Utah Department of Financial Institutions still has to issues approvals to the San Francisco-based FinTech
- Square, Inc. formed in 2009 as a payment services also provider to enable businesses to accept card payments
- Then the platform has expanded to include point-of-sale payments, financing and other services
- FDIC staff found that Square satisfied each of the statutory factors required for approval, subject to certain conditions
- The new bank anticipates opening next year
