Square, the San Francisco-based fintech giant, recently announced that the Federal Deposit Insurance Corporation (FDIC) Board has approved the deposit insurance application of its upcoming banking subsidiary, Square Financial Services.
Square Financial Services is expected to launch in 2021 and will primarily offer small business loans for Square Capital’s commercial lending business as well as deposit products.
“We appreciate the FDIC’s thoughtful approach to our application, and their recognition that Square Capital is uniquely positioned to build a bridge between the financial system and the underserved,” said Jacqueline Reses, Square Capital Lead and Executive Chairwoman of the board of directors for Square Financial Services. “We’re now focused on the work ahead to buildout Square Financial Services and open our bank to small business customers.”
Square Financial Services will be led by CEO Lewis Goodwin and CFO Brandon Soto, and will be headquartered in Salt Lake City, where the company had also received charter approval from the Utah Department of Financial Institutions.
Photo: JD Lasica