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Square Just Opened a Bank — What Does this Mean for its Stock?

In this video, I will be talking about Square's (NYSE: SQ) big announcement on Monday which is...they've finally opened a bank!

Officially named Square Financial Services (industrial bank), which essentially means a finance company that makes small loans to small businesses, which is exactly who Square targets. Square's mission is to give everyone economic empowerment and serve those that are underserved and unbanked.

In my opinion, this is going to boost the seller side of Square which will eventually lead to the adoption of more products inside the Square ecosystem (primarily Cash App's offerings). After a rather OK earnings report, this certainly is a step in the right direction for the fintech company.

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Neil Rozenbaum owns shares of Square. The Motley Fool owns shares of and recommends Square. The Motley Fool has a disclosure policyNeil Rozenbaum is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.


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