Coming on the heels of Square’s industrial bank, Square Financial Services, beginning operations in March 2021, Square Banking represents a milestone in Square’s efforts to expand access to financial tools for underbanked populations.
Square Banking consists of three core products designed to help small business owners manage cash flow stress: two new deposit accounts called Square Savings and Square Checking, who join Square’s existing lending capability, now called Square Loans. By offering banking tools that work with Square’s ecosystem of solutions like payments and Square Payroll, sellers now have a single home for their business, gaining a unified view of their payments, account balances, expenditures, and financing options.
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