Payment Company Square Applies for Bank Charter
On Wednesday, The Wall Street Journal reported that payments company Square (NYSE: SQ) planned to submit an application on Thursday for a bank charter in Utah. The purpose of the unit, Square Financial Services, is to offer loans and deposit accounts to small businesses.
To be clear, if Square's application is approved, it won't technically be a bank; it will instead be an industrial-loan company.
Image source: Square.
Source: Fool.com