Square to Apply for Controversial Bank Charter
Square wants to get more leeway to lend with an industrial loan company license.
September 08, 2017 at 07:32 PM
4 minute read
Square Inc., best known for its portable credit card payment processor, has plans to become a bank.
The San Francisco-based payments company, co-founded by Twitter co-founder Jack Dorsey, announced its intent to apply for an industrial loan company license under the name Square Financial Services Inc., as reported by The Wall Street Journal earlier this week.
A spokesperson for Square confirmed the company is in fact interested in an ILC, which would put it within the regulatory purview of both the Federal Deposit Insurance Corp. and Utah state banking regulators.
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