Square has been authorised to open as a state-chartered industrial bank.
In Brief:
The Department of Financial Institutions for the State of Utah made the authorisation on Monday.
It first made the application four years ago.
Square Financial Services Inc, a wholly owned subsidiary of Square Inc, can now open for business.
What does this mean?
Square FS will offer banking products and services, mainly to small businesses. This will enable Square to offer a more complete suite of services to merchants that already use its payments solution, as well as expanding its customer base.
