Square's industrial bank is open for business, the fintech company said Monday in a press release.
"Bringing banking capability in-house enables us to operate more nimbly, which will serve Square and our customers as we continue the work to create financial tools that serve the underserved," Amrita Ahuja, Square's CFO, said in a statement.
The Federal Deposit Insurance Corp. (FDIC) last March gave Square and student loan servicer Nelnet conditional approval for industrial loan company charters.
Monday's announcement means Square Financial Services can originate small-business loans rather than doing so through Salt Lake City-based Celtic Bank, its previous partner.
In its release, Square also named five executives to its team: Chief Risk Officer Sharad Bhasker, Chief Operating Officer Samantha Ku, Chief Credit Officer Homam Maalouf, Chief Compliance Officer David Grodsky and Capital Markets and Investor Relations Lead Jessica Jiang.
They join CEO Lewis Goodman and CFO Brandon Soto, both former Green Dot executives.