Square
in the United States 🇺🇸
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About Square in the United States
Square is a Utah-chartered industrial bank (Industrial Loan Company) that operates as the banking subsidiary of Block, Inc., the financial technology company co-founded by Jack Dorsey. Known publicly by its consumer brand name "Square," the bank was established to bring lending and deposit capabilities in-house for Square's millions of merchants and business customers. Headquartered in Salt Lake City, Utah, Square Financial Services focuses primarily on commercial lending to small businesses and operates with a single office location.
The bank represents a significant milestone in fintech evolution, as it was the first new industrial loan company charter approved by the FDIC in over a decade when it received conditional approval in March 2020.