Square Launches Cash Flow Management Solution Square Banking

Square, a payments company founded and run by Twitter CEO Jack Dorsey, announced that it has introduced Square Banking, a cash flow management solution for small business.

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The new solution represents a major milestone in Square's continued efforts to expand access to financial tools for underbanked populations and marks the beginnings of the company's journey to provide more banking solutions to small businesses.

Square Banking contains a suite of financial products, including two new deposit accounts, Square Savings and Square Checking, and Square’s existing lending capability, now called Square Loans.

By offering essential banking tools that work seamlessly with Square’s ecosystem of solutions like payments and Square Payroll, sellers now have a single home for their entire business, gaining a unified view of their payments, account balances, expenditures, and financing options.

“Small businesses are the heartbeat of our communities and our economy,”said Christina Riechers, Square Banking’s Head of Product.”With Square Banking, we’ve reimagined the financial system for small business owners with their cash flow needs at the center. We’re introducing fair, accessible financial services that connect directly with our sellers’ payments, helping them unlock instant access to their sales, automate their savings, and receive personalized financing offerings.”

As Fazzaco reported earlier, Square has been weighing up the launch of new hardware Bitcoin (BTC) wallet as such transactions became a profitable business for the company.