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The Cash app's parent company is now running its own bank

Richard Lawler
·Senior News Editor
·1-min read

Jack Dorsey, the CEO of both Twitter and Square, tweeted today that the "Bank now open." What he's referring to is that now, about a year after receiving FDIC approval, Square Financial Services has begun operations. Operating as a subsidiary of Square, which also owns the Cash app and handles payments for many merchants, the bank unit is working on providing financing for Square sellers in the US.

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As TechCrunch notes, Square's fintech ambitions have expanded in recent years to include extending credit for entrepreneurs and small businesses, which now will happen primarily through its own bank. In a statement, Square CFO Amrita Ahuja said "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."