Speculations about Square becoming a bank started early last year after FDIC (The United State’s Federal Deposit Insurance Corporation) gave it conditional approval. Utah Department of Financial Institutions also gave its blessings after Square’s charter bank launch.
After the approval, Square announced that they will be launching their banking services within the next 12 months. The bank will be a subsidiary of Square but will be independent of the payment company.
Square’s Bank Finally Launched
The basic purpose of the bank will be to offer small business loans for Square Capital’s commercial lending business and to offer deposit products. The Square company, well known for its POS and payment services used mainly by small businesses reportedly said that its industrial bank has begun operations.
The company stated that launching the bank ensures Square’s unique ability to assist growing businesses and inappropriate populations with banking tools and loans. Furthermore, Square’s bank will be the basic source of finance for square sellers across the U.S.
Appointments In Square’s Bank Operations
Lewis Goodwin as the bank’s CEO while Brandon Soto as its Chief Financial Officer. Sharad Bhasker as the Chief Risk Officer, Samantha Ku as Chief Operating Officer, and Homam Maalouf as Chief Credit Officer.
Among others are Chief Compliance Officer, David Grodsky and Jessica Jiang as the Capital Markets and Investor Relation lead.