The story behind Square’s bank charter application - American Banker

www.americanbanker.com

The payments processor Square has big plans in banking — but even after filing an application to charter an industrial loan company, it still doesn’t see itself as a competitor to most financial institutions...though the application has already stirred opposition from community bankers, Square’s aim remains helping small businesses that are generally not receiving credit from traditional financial institutions.

"Square isn't competing with banks!" - says Square to banks.

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