Jack Dorsey’s Square Financial Services launches banking operation

Jack Dorsey's Square Financial Services launches banking operation

Co-founder and CEO of Twitter Jack Dorsey saw his other company, Square, launch his Square Financial Services banking operation.

Square’s new wholly-owned bank Square Financial Services will offer deposit accounts and loans insured by the Federal Deposit Insurance Corporation to small businesses that have historically used the business for payment processing.

“The integration of banking capacities internally allows us to operate more agile, which will serve Square and our customers as we continue to build financial tools to serve the underserved, ”said Amrita Ahuja, Chief Financial Officer of Square and Executive Chairman of the Board of Square Financial Services. “We thank the FDIC and Utah DFI for their partnership which has enabled us to reach this important milestone, and we look forward to continuing to expand access to financial services at this critical time for small businesses.”

Square shares jumped seven percent on Tuesday after the launch. The stock closed 4.6 percent higher.

Square Financial Services, based in Salt Lake City, Utah, will initially focus on offering business loan and deposit products, starting with underwriting and providing business loans for the loan product. existing Square Capital. Almost 60 percent of Square Capital loans go to women-owned businesses, compared to 17 percent of traditional loans; and 35% of loans made by Square Capital to minority-owned businesses, compared to 27% of traditional loans, said …Source

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