Square Will Reapply for Banking License with the FDIC After Last Week’s Withdrawal

Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall. However, unlike SoFI, Square plans to refile its application, attributing Thursday's withdrawal to mere procedural issues. It plans to reapply with the FDIC, but did not reveal ...Read More

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