In case you missed it (which is why we’re here to tell you all about it), Square Inc. is now a fully-fledged bank. The FinTech company, which is known for bringing innovation to the payments sector (like its super portable card reader), will offer business loans and deposit products through its new lender status. Square Financial Services, headquartered in Salt Lake City, has now begun operations.
Companies operating in the FinTech realm offer typically unbanked communities alternatives to conventional banking services. With the new license, Square will be able to massively expand its services and grow its customer base of mostly small businesses.