Square long-planned bank opens

Square long-planned bank opens

Almost a year after receiving major regulatory approvals, payment processor Square opened its bank, which will offer both deposit accounts and loans to merchants.

Square Financial Services is an industrial bank headquartered in Salt Lake City. He will become the initiator of the small business loans that the San Francisco-based company already offers to retailers who use its technology to process their card sales.

Previously, Square Capital loans were issued as part of a partnership with Celtic Bank, another Utah-based industrial bank. “The integration of banking capacities internally allows us to operate more nimble, ”Amrita Ahuja, Square’s CFO, said in a press release Monday.

Square, including …

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