Who is the CEO of square payments company?
Opinions expressed by Forbes Contributors are their own. I write about the fintech, cryptocurrency and investing markets. Square just got approval to open a bank, which it plans to do next year. Square, the digital payments company run by Twitter’s Jack Dorsey, got the nod by federal and state regulators to open a bank in Utah.
Why does square want to be a bank?
Square said in the release it plans to continue selling loans to third party investors and that it doesn’t expect the bank to have a material impact on its balance sheet this year. Square is among the fintechs that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.
Why is square getting the nod to operate a bank?
The bank charter comes at a precarious time for Square and other fintechs as the COVID-19 virus spreads through the U.S. and around the globe. With businesses mandating people work at home, schools closed, curfews in place and stores forced to reduce their hours of operations, the global economy is in turmoil.
When is square bank going to open in Utah?
In a press release Square said the Federal Deposit Insurance Corp. voted to conditionally approve Square’s application and that it received charter approval from Utah Department of Financial Institutions. Square is aiming to launch a bank in 2021 called Square Financial Services.
Opinions expressed by Forbes Contributors are their own. I write about the fintech, cryptocurrency and investing markets. Square just got approval to open a bank, which it plans to do next year. Square, the digital payments company run by Twitter’s Jack Dorsey, got the nod by federal and state regulators to open a bank in Utah.
Square said in the release it plans to continue selling loans to third party investors and that it doesn’t expect the bank to have a material impact on its balance sheet this year. Square is among the fintechs that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.
The bank charter comes at a precarious time for Square and other fintechs as the COVID-19 virus spreads through the U.S. and around the globe. With businesses mandating people work at home, schools closed, curfews in place and stores forced to reduce their hours of operations, the global economy is in turmoil.
Is there a bank called Square in Utah?
Square is aiming to launch a bank in 2021 called Square Financial Services. The bank will be supervised by the FDIC and the Utah Department of Financial Institutions.
