Known for its innovations in the payments sector, Square is now officially a bank.
Nearly one year after
receiving conditional approval, Square said Monday afternoon that its industrial bank, Square Financial Services, has
begun operations. Square Financial Services completed the charter approval process with the FDIC and Utah Department of Financial Institutions, meaning its ready for business.
The bank, which is headquartered in Salt Lake City, Utah, will offer business loan and deposit products, starting with underwriting, and originating business loans for Square Capital’s existing lending product.
