Square, Inc. is all set to start its bank “Square Financial Services” in 2021 and open it to small business customers. It recently secured conditional approval from FDIC for its special type of bank, also known as ILC (Industrial Loan Company). The bank is based in Utah since Square has received charter approval earlier from the Utah Department of Financial Institutions. An ILC is a form of a corporation owned by non-banks that can accept deposits, make loans, and conduct other activities usually reserved for banks.
