Magazine : Archives : 4th Quarter 2021

The Next Phase in Banking’s 
Digital Evolution

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...