Cash App's Parent Company Opens "Square Financial Services" Bank

After receiving Federal Deposit Insurance Corporation approval around a year ago, the parent company of mobile payment service, Cash App, has now opened up its own bank.

A subsidiary of Square, Inc., “Square Financial Services” will “offer business loan and deposit products, beginning with underwriting and originating business loans for Square Capital’s existing lending product. Moving forward, Square Financial Services will be the primary provider of financing for Square sellers across the U.S.” The launch of the bank venture came directly from Twitter and Square CEO, Jack Dorsey, who tweeted a link to an official statement regarding the start of banking operations.

Catch Jack Dorsey’s tweet and a part of Square, Inc.’s official statement regarding the launch of Square Financial Services below.

“Bringing banking capability in-house enables us to operate more nimbly, which will serve Square and our customers as we continue the work to create financial tools that serve the underserved,” said Amrita Ahuja, Square, Inc. Chief Financial Officer and Executive Chairwoman of the board of directors for Square Financial Services. “We thank the FDIC and Utah DFI for their partnership enabling us to reach this milestone, and look forward to continuing to expand access to financial services at this critical time for small businesses.”

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