News Topic: Square
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How Afterpay deal could transform Square
Square buying Afterpay, one of the biggest names in buy now/pay later
Square building new Bitcoin-inspired financial services business
P2P payments surged during pandemic. So did the complaints about them.
Square invests in Arkansas community development financial institution
Jack Dorsey says Square may build a Bitcoin hardware wallet
Square's bank accounts lay groundwork for a super app
Bitcoin business now accounts for 70% of Square’s revenue
Square’s long-planned bank opens for business
The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank. ... Read full article
More than half of Square’s revenue now comes from bitcoin trading
The fintech that gave life to the mobile point of sale market is seeing that business overshadowed by the ever-rising popularity of cryptocurrency. ... Read full article
Square's Jackie Reses, who led ILC bid and small-biz lending, steps down
Longtime finance entrepreneur Jackie Reses, who led Square Capital for the last five years, is leaving the company at the end of the month. Square has not yet named a successor. ... Read full article
Square to invest $100 million in minority communities, entrepreneurs
Square is moving to help minority and underserved groups by investing $100 million in nonprofit financial institutions and Black-owned businesses. ... Read full article
Rakuten withdrawal a relief for banks, but ILC saga's far from over
The e-commerce leader’s return to the drawing board alleviates immediate concerns about its banking plans. But the company intends to reapply, and it will be harder for the industry to persuade policymakers to block industrial loan companies more broadly. ... Read full article
Square revenue rises even as coronavirus hurts seller volume
Square's gross payment volume tumbled by 15% year-over-year due to COVID-19’s impact, but revenue jumped as online selling rose, Cash App doubled in users and Square enabled almost $900 million in PPP loans. ... Read full article
Banks call on Congress to freeze new ILC approvals
Two trade organizations and a consumer group urged lawmakers to establish a three-year moratorium to block the charter bids of companies that they said were attempting to skirt regulatory requirements. ... Read full article
SBA discloses PPP loan recipients; bank drive-throughs make a comeback
Restaurants, medical offices and car dealerships were the top recipients of large loans; increased usage of the drive-ups is putting a strain on the low-tech lanes. ... Read full article
Big banks join fight against new ILCs
Small banks have long led the campaign against industrial loan companies, arguing they can be used to violate the separation of banking and commerce. But now the industry’s heavyweights are also taking a hard line in response to an FDIC proposal that would ... Read full article
Payment facilitators struggle with risk of pandemic payments — would banks do better?
Brick-and-mortar merchants that have shifted to online have changed their risk profile, causing conflicts with the fintechs like Square that handle their payments. And that could be an opportunity for banks. ... Read full article
Wirecard CEO arrested; fintech financing may get costly
Markus Braun turned himself in to Munich prosecutors, who arrested him on suspicion of false accounting and market manipulation; the Wirecard fallout may make it harder for European fintechs to attract investors. ... Read full article