Square financial services fdicann azevedotechcrunch
Square financial services fdicann azevedotechcrunch and mobile payment company, has received approval from the Federal Deposit Insurance Corporation (FDIC) to operate as a bank. The company’s new subsidiary, Square Financial Services, will be able to offer loans and deposit accounts to small businesses. Additionally, Square has named Lewis Goodwin Azevedo as the CEO of the new subsidiary.
What This Means for Square and Small Businesses
The approval from the FDIC allows Square to expand its services and provide more financial options to small businesses. With Square Financial Services, the company can now offer loans and deposit accounts directly to its customers, rather than partnering with other banks. This move allows Square to have more control over its financial services and potentially offer better rates and terms to its customers. Small businesses will benefit from this expansion as well. With Square Financial Services, they will have access to loans and deposit accounts that are specifically tailored to their needs. This can be especially helpful for businesses that may have difficulty obtaining loans from traditional banks.
Azevedo’s Appointment as CEO
Lewis Goodwin Azevedo has been named as the CEO of Square Financial Services. Azevedo has over 25 years of experience in the financial services industry, including leadership roles at JPMorgan Chase and Bank of America. He most recently served as the CEO of Cross River Bank, a fintech company that partners with other companies to offer banking services. Azevedo’s appointment brings a wealth of experience and knowledge to Square Financial Services. His background in fintech and traditional banking will be valuable as the company expands its financial services offerings.
Conclusion
Square’s approval from the FDIC and the launch of its new subsidiary, Square Financial Services, is a significant move for the company and small businesses. With the ability to offer loans and deposit accounts directly to its customers, Square can provide more financial options and potentially better rates and terms. The appointment of Lewis Goodwin Azevedo as CEO brings a seasoned leader to the new subsidiary, ensuring its success as it expands its services.
