Emily McCormick, vice president of research for Bank Director
Just a few months after earning an industrial bank charter from the Federal Deposit Insurance Corp. and opening its bank, the payments company Square unveiled its small business banking suite, aptly dubbed Square Banking. Square had already extended more than $9 billion in business loans since 2014; to this it added a savings account with automated savings and financial management tools, and a checking account that provides instant access to card sales processed through the Square platform, a debit card and integration with Square’s payroll solution. It’s just another notch on Square’s belt. The company has continually expanded its payment...
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Emily McCormick is the vice president of research for Bank Director, an information resource for directors and officers of financial companies.You can follow her on Twitter at twitter.com/ehmccormick or get connected on LinkedIn.