CNN BUSINESS | Watch out, PayPal. Square just launched its own bank

New York (CNN Business) – Square, the financial payments firm run by Jack Dorsey, launched an in-house bank that it says will allow it to “operate more nimbly” in an increasingly crowded fintech market.

The firm announced Monday that the bank has begun operations after completing the charter approval process with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions. It will operate as an independently governed subsidiary of Square Inc (SQ). Dorsey is also the CEO and co-founder of Twitter (TWTR).The Salt Lake City, Utah-based Square Financial Services will provide business loans and deposit products to sellers who use its card reader and other point-of-sale services.  —read more—