Block Inc., the digital-payments firm run by Jack Dorsey, is expanding its small-business loans service to Canada, bringing it into more direct competition with the country’s big banks. The program, known as Square Loans, will make offers to eligible users and deliver funds as soon as the next day, the San Francisco-based company said Thursday. The loans come with one upfront fee, and borrowers pay the money back over time as a set percentage of daily card sales with Square. The move sets up Block’s Square as a competitor to Canada’s major banks by moving it further beyond payments technology and into the business of providing capital. Square in September introduced a card that gives sellers instant access to funds they processed through Square, giving the company a way into customers’ cash-flow management systems. “From our earliest days, Square has focused on building easy-to-use tools and services to empower entrepreneurs to succeed on their own terms,” Alyssa Henry, head of Square, said in a statement. Read the full Bloomberg LP article through the link in the comments. #banking #digitalbanking #bankingservices #loans #bankingindustry #payments #paytech #digitalpayments #onlinepayments #paymentservices #paymentprovider #financialtechnology #financialservices
Link to full article: https://www.bloomberg.com/news/articles/2022-04-28/dorsey-s-block-takes-swipe-at-canada-banks-with-loans-service