Square Financial Services Begins Banking Operations
02 3월 2021 - 8:00AM
Business Wire
Today, Square, Inc. announced its industrial bank, Square
Financial Services, has begun operations after completing the
charter approval process with the Federal Deposit Insurance
Corporation (FDIC) and the Utah Department of Financial
Institutions.
Square Financial Services is an independently governed
subsidiary of Square, Inc. Headquartered in Salt Lake City, Utah,
its primary purpose will be to offer business loan and deposit
products, beginning with underwriting and originating business
loans for Square Capital’s existing lending product. Moving
forward, Square Financial Services will be the primary provider of
financing for Square sellers across the U.S.
“Bringing banking capability in-house enables us to operate more
nimbly, which will serve Square and our customers as we continue
the work to create financial tools that serve the underserved,”
said Amrita Ahuja, Square, Inc. Chief Financial Officer and
Executive Chairwoman of the board of directors for Square Financial
Services. “We thank the FDIC and Utah DFI for their partnership
enabling us to reach this milestone, and look forward to continuing
to expand access to financial services at this critical time for
small businesses.”
Completing the Square Financial Services executive team are
leaders who bring collective deep experience across banking,
finance, and lending. Joining previously announced CEO Lewis
Goodwin and CFO Brandon Soto are:
- Sharad Bhasker, Chief Risk Officer
- Samantha Ku, Chief Operating Officer
- Homam Maalouf, Chief Credit Officer
- David Grodsky, Chief Compliance Officer
- Jessica Jiang, Capital Markets and Investor Relations Lead
Opening Square Financial Services deepens Square’s unique
ability to expand access to loans and banking tools to underserved
populations. 58% of loans through Square Capital go to women-owned
businesses, compared to 17% of traditional loans; and 35% of loans
through Square Capital go to minority-owned businesses, compared to
27% of traditional loans[1].
Square Financial Services will continue to sell loans to
third-party investors and limit balance sheet exposure. We do not
expect the bank to have a material impact on Square’s consolidated
balance sheet, total net revenue, gross profit, or Adjusted EBITDA
in 2021.
[1] Square Capital statistic: Based on an April 2019 survey of
5,655 respondents who have accepted a loan through Square Capital.
Traditional loan statistic: SBA 7(a) Lending Statistics for Major
Programs as of 4/05/2019.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within
the meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding Square Financial Services’
expected activities, treatment of loans and financial impact.
Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, risks and
uncertainties relating to the Company listed or described from time
to time in the Company’s filings with the Securities and Exchange
Commission (the SEC), including the Company’s most recent Annual
Report on Form 10-K, which is on file with the SEC. All
forward-looking statements are based on information and estimates
available to the Company at the time of this press release. Except
as required by law, the Company assumes no obligation to update any
of the statements in this press release.
About Square, Inc.
Square, Inc. (NYSE: SQ) builds tools to empower businesses and
individuals to participate in the economy. Sellers use Square to
reach buyers online and in-person, manage their business, and
access financing. And individuals use Cash App to spend, send,
store, and invest money. Square has offices in the United States,
Canada, Japan, Australia, Ireland, Spain and the UK.
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