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Square Capital Distributed 76K PPP Loans Totaling $820M

PYMNTS

Square Capital LLC processed more than $820 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) forgivable loans in six weeks, the firm reported. The San Francisco-based division of Square Inc., Last year, Square Capital did $2.3 billion in business loan volume. months’ worth of that volume.

Capital 141
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On-Demand Delivery Service Munchery Ceases Operations

PYMNTS

In May Munchery said it was planning to focus on its largest market, which was San Francisco, in an effort to become profitable. Its venture capital investors included Greycroft, ACME Ventures (formerly known as Sherpa Capital), Menlo Ventures, e.Ventures, Cota Capital, M13 and others, noted reports.

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Personal finance app Tally raises $50m to grow its platform business

Bank Innovation

The Series C funding round, led by Andreessen Horowitz, will help the San Francisco-based company hire more engineers to help build out more products, according to Erica Dorfman, Tally’s head of finance and operations. […].

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Retail Pulse: FAO Schwarz To Open New Flagship; Amazon Expands Grocery Delivery

PYMNTS

Brick-and-mortar retailers have closed flagship locations in recent times, but sometimes these landmark stores make a comeback. The new store, which will be located at 30 Rockefeller Plaza, will feature multiple experiential retail components. The store will also offer magic shows and a grocery shopping experience designed for kids.

Retail 116
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Can Retailers Push Back Against Surging Account Takeovers?

PYMNTS

Account takeovers are becoming bigger business for criminals — or, at least, the business of preventing account takeovers in the digital retail and payments realm is becoming an increasing focus of companies and security experts. The new capital will help fuel hiring and other growth, the company said. Fraud Case Study.

Retail 118
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Neiman Marcus Emerges From Chapter 11

PYMNTS

has completed its Chapter 11 bankruptcy protection process and emerged from one of the highest-profile retail collapses since COVID-19 began, the Dallas-based company disclosed. We emerge from Chapter 11 as a stronger, more innovative retailer, brand partner and employer.”. Neiman Marcus Holding Company Inc.

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Square Tries To Create A Bank, Again

PYMNTS

San Francisco-based FinTech company Square, known for its white card readers, has once again decided to become a banking establishment, according to a report in The Wall Street Journal. The bank will be led by Lewis Goodwin, a former executive at Green Dot, and capitalized with $56 million from Square.