Square is planning to offer loans and deposit accounts to small businesses, and will capitalize this new business unit (called Square Financial Services) with $56m. Square Capital has already originated $1.8b in loans to more than 140k businesses.
The San Francisco-based finance firm led by Jack Dorsey plans to submit an application on Thursday to form a wholly owned bank based in Utah, the company said.
https://www.wsj.com/articles/jack-dorseys-square-makes-a-move-into-banking-1504737851