Square Begins Morphing into Full Service Bank

Square is starting to take on the look of a full service bank as their Cash App has helped to provide a much needed service to more than one million users; according to Credit Suisse the fintech has 1.2 million users who set up direct deposit, that is up from 500,000 at the end of March; Cash App has moved beyond p2p money transfers and stock investing, they now offer the ability to store money, make purchases, receive direct deposit two days early and more; Credit Suisse analyst Timothy Chiodo tells Forbes,“We think they’ll add budgeting tools and bill payment capabilities.” Credit cards and buy-now, pay-later loans will get added, too, he expects; the company charges 1.5 percent on instant money transfers through Cash App and is expected to make $1bn to $2bn in profit by 2023; Square has not had the same fanfare as some other digital banks but recent successes show it is a real threat to incumbent and digital banks alike. Forbes

  • With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!