https://twitter.com/Square/status/1366528181935702024?s=20 The bank will operate as a separate entity from Square. The firm said it received approval from The Federal Deposit Insurance Corporation (FDIC) today, a banking regulator in the US, to start its own banking service: Initially, the bank will offer loans and other financial services to Square merchants in the US. The company started by providing its own hardware and software payment solution to small vendors. However, in the last few years, it has started crediting services too. [Read: How do you build a pet-friendly gadget? We asked experts and animal owners] As TechCrunch notes, banking services like Square’s aim to provide easy access to capital for small businesses that might have difficulty in getting it through traditional financial institutions.
