It's Official: Square Now Has Its Own Bank

Square (NYSE: SQ) announced on Monday evening that its banking subsidiary, Square Financial Services, has officially started operations. This comes after the fintech giant's industrial banking charter was approved by the Federal Deposit Insurance Corporation and Utah Department of Financial Institutions (the bank is headquartered in Salt Lake City).

Although Square Financial Services is a fully owned subsidiary of Square, it operates completely independently of its parent company. In other words, it has its own CEO, CFO, and other leadership team.

Paying via Square. Image source: Square.

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Source Fool.com