3.3.21 - Jack Dorsey’s company Square opens a bank
'Co-Founder and CEO of Twitter Jack Dorsey has seen his other business, Square, launch its banking operation Square Financial Services.'
'Square’s new, wholly owned bank Square Financial Services will offer Federal Deposit Insurance Corporation-insured deposit accounts and loans to small businesses that have historically used the company for payment processing.'
'“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 CFO and Executive Chair 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.”'