Square financial services fdicann azevedotechcrunch
Square financial services fdicann azevedotechcrunch, the banking arm of mobile payment company Square, has approved by the Federal Deposit Insurance Corporation (FDIC) to operate as a de novo industrial bank. This means that Square Financial Services can now offer loans and deposit accounts to small businesses, which is a significant step forward for the company. Square Financial Services established in 2020 and headquartered in Salt Lake City, Utah. The company’s mission is to provide small businesses with access to the financial tools they need to grow and thrive.
With the FDIC’s approval, Square Financial Services can now offer loans and deposit accounts to small businesses across the United States. In addition to the FDIC approval, Square Financial Services has also announced that it has appointed Brandon Soto as its new CEO. Soto will replace Lewis Goodwin, who has been serving as the interim CEO since the company’s inception. Soto brings a wealth of experience to the role, having previously served as the head of risk for Square Capital, another subsidiary of Square.
The Future of Square Financial Services
With the FDIC’s approval and a new CEO at the helm, Square Financial Services well-positioned for growth in the coming years. The company’s focus on providing financial services to small businesses particularly timely given the economic challenges faced by many small businesses in the wake of the COVID-19 pandemic. Square Financial Services’ ability to offer loans and deposit accounts to small businesses will help these businesses access the capital they need to survive and thrive.
This is particularly important given that many traditional banks have tightened their lending standards in recent years, making it more difficult for small businesses to access credit. In addition to its lending and deposit services, Square Financial Services also plans to offer other financial products and services in the future. These could include things like insurance products, investment products, and more. By offering a range of financial services to small businesses, Square Financial Services aims to become a one-stop-shop for all of their financial needs.
Conclusion
The FDIC’s approval of Square Financial Services is a significant milestone for the company and for small businesses across the United States. With the ability to offer loans and deposit accounts, Square Financial Services well-positioned to help small businesses access the capital they need to grow and thrive. With a new CEO at the helm and plans to expand its product offerings in the future, Square Financial Services poised for continued growth and success in the years to come.
