What’s happening: The payments technology firm was awarded an industrial bank charter in Utah. The Salt Lake City, Utah-based Square Financial Services will provide business loans and deposit products to sellers who use its card reader and other point-of-sale services. Square says it will begin its banking operations with underwriting and originating business loans for Square Capital’s existing lending product. Looking ahead, Square will use Square Financial Services as the primary provider of financing for Square sellers across the U.S.
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