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FDIC Approves Square For Banking License

PYMNTS

The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). The headquarters will be in Salt Lake City, Utah. The new bank anticipates opening next year.

FDIC 276
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Subscription Business Models Lead B2B VC Funding

PYMNTS

Venture capital appears to be picking back up in the B2B technology startup community. This week saw an impressive $324 million in combined funding for a range of B2B FinTechs and other solution providers, including alternative lenders looking to support small businesses as they manage working capital instability. eFileCabinet.

San Jose 226
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I Can’t Connect to E-Tran – What Now?

Abrigo

This is a nightmare situation for any community banker whose mission is to help the customers and communities they serve.” “This is a nightmare situation for any community banker whose mission is to help the customers and communities they serve.” Many bankers, however, are not even able to access E-Tran.

Lending 320
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Why The ICBA Is Fighting Industrial Loan Charters For FinTechs

PYMNTS

All industrial banks are chartered in Utah – and there are only 17 such charters issued, 15 of which are currently active. As we scale, it’s becoming increasingly important that we have direct relationships with regulators,” said Jacqueline Reses, who leads Square Capital and will be the chairman of the bank.

Industry 108
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Utah de novo gets conditional OK from FDIC

American Banker

Organizers of Bank of St. George still need to raise $18 million before opening.

Utah 41
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Funding Lands T&E Firm TripActions $4B Valuation

PYMNTS

Corporate travel and expense (T&E) management solutions provider TripActions led this week’s B2B venture capital roundup with its announcement of new funding that propelled its valuation to $4 billion. Lulalend lends directly to SMBs that can apply online, with an automated approval process accelerating access to capital.

Capital 108
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An App A Day Keeps Grocery Shoppers Coming Their Way

PYMNTS

Hunger and wasted food are two problems that can have one solution,” believes Daily Table founder Doug Rauch, former Trader Joe’s president and co-CEO of Conscious Capitalism, Inc. Meanwhile, in Utah, Macey’s shoppers can now use their phones to Skip Checkout. Up next are areas in Texas, Connecticut, Florida, Ohio and South Carolina.