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Square no longer angling for US bank charter

July 6, 2018

Square has withdrawn its application to open a new depository bank in the US, but says it plans to apply later to the Federal Deposit Insurance Corp (FDIC).

As reported in September 2017, Square was applying for an industrial loan company (ILC) charter to support the expansion of its lending business, the volume of which grew 68% year-over-year in Q2 to $318 million.

However, the payments processor told American Banker on Thursday (5 July) the news after the publication cannily noticed it no longer appears on a public list of pending new bank applications maintained by the agency.

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