Square Launches Their Own Banking Operations

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Shares of Square jumped as much as 7% Tues­day after the com­pa­ny offi­cial­ly launched its bank­ing oper­a­tions this week.The com­pa­ny’s stock closed up 4.6%.Square’s new, whol­ly owned bank will offer FDIC-insured deposit accounts and loans to small busi­ness­es that have his­tor­i­cal­ly used the com­pa­ny for pay­ment processing.Salt Lake City-based Square Finan­cial Ser­vices said Mon­day it will ini­tial­ly focus on offer­ing busi­ness loan and deposit prod­ucts, begin­ning with under­writ­ing and orig­i­nat­ing busi­ness loans for Square Cap­i­tal’s exist­ing lend­ing product.Before its launch, Square Cap­i­tal loans were issued through a part­ner­ship with Celtic Bank.“Bringing bank­ing capa­bil­i­ty in-house enables us to …

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