Provided how tough it has been for new challengers in the US when it comes to all things banking license-related, this is indeed a huge milestone.
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Even more so as for challenger banks the biggest problem has been distribution. Cash App on the other hand already has 24 million users…
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Square Financial Services and Square Capital
Because they’re a “bank” too, Square can take part in the relief programme.
This could’ve been Robinhood too, if they got their licence. It is a lost opportunity for the “first mover”. (Check Cash App’s execution of stock trading in the US, they’re a major threat to RH given that both are popular among younger people: https://www.youtube.com/watch?v=J0Fho7sbgbo.)
1/4 Square Capital has received U.S. Treasury and SBA approval to be a PPP lender, and we will start rolling out our PPP loan applications this week. We continue to work with our partner Celtic Bank as they have existing expertise as a leading SBA lender.
We will notify sellers when their application is available via Square Dashboard, starting with employers whose application data we can verify automatically. We expect to expand access to more small businesses soon.
3/4 We know sellers need financial support now more than ever, and we’re committed to making funding accessible to as many small businesses as possible.
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Major ?
Jay-Z on the board? I get he’s generally done well with his businesses but they’re mostly consumer discretionary: Music, Alcohol etc
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The transaction has an implied value of approximately US$29 billion (A$39 billion) based on the closing price of Square common stock on July 30, 2021, and is expected to be paid in all stock.
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Another generic name
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The Square Icon was way better
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Might be a stupid question but I’ll ask anyway. Why is the PE at over 90%?
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Probably there Crypto Investment
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- $sq
currently, at $37b market cap
What would it be worth in 5-10 years?
~2030 CashApp is the biggest international retail bank.
Square+CashApp is the major payment network
Square services is the most popular SME biz software
+blockchain wildcard!
capital at risk 
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Block: How Inflated User Metrics and “Frictionless” Fraud Facilitation Enabled Insiders To Cash Out Over $1 Billion
Block’s Response
Hindenburg Research shorts Jack Dorsey’s payments group Block [FT]
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I don’t believe such things, usually it just for shorting
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