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The Wall Street Journal: Jack Dorsey’s Square seeks to start bank, offer loans

Square Inc. is looking to get into the banking business.

The San Francisco-based finance firm led by Jack Dorsey plans to submit an application on Thursday to form a wholly owned bank based in Utah, the company said. The unit, to be called Square Financial Services Inc. would offer loans and deposit accounts to small businesses and be capitalized with $56 million in cash.

Square SQ, +1.09% would be the third financial-technology company that is opting to pursue a banking license in recent months. In doing so, it follows in the footsteps of online lender Social Finance Inc. and mobile-banking startup Varo Money Inc.

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