Square: An Increasingly Strong Player in Financial Services

In March of 2021, Square Financial Services officially launched its bank after receiving its Industrial Loan Company license from the FDIC a year prior. The Salt Lake City-based bank, is owned by Square, a fintech worth more than all but four US banks according to the KBW Bank Index. Square Financial Services will offer banking services like deposits and other products, initially to service a nationwide market of small businesses, many that already operate on the Square payment processing platform. I’m excited to have Square Financial Services CEO, Lewis Goodwin on the Banking Transformed podcast. He discusses the strategy behind building a bank to serve small businesses and the challenges facing fintech players in North America. This episode of Banking Transformed is sponsored by FIS. GoCart recognizes email addresses and lets consumers pay quickly anywhere – with no passwords and no long forms. Consumers can pay faster for anything – even things they wouldn’t expect like healthcare, processional services, and more. GoCart goes beyond online checkout and allows consumers to pay easily by email, text, or with QR codes. Find out how you can use GoCart to simplify payments and increase your sales at GoCartpay.com/podcast. FIS. Advancing the way the world pays banks and invests.