Square (SQ) – Get Report shares rose Tuesday as the company said that its industrial bank, Square Financial Services, has begun operations.
The San Francisco company’s bank opening continues its diversification from strictly payment processing to broader financial services.
Square recently traded at $254.19, up 5.47%. The shares have more than tripled over the past year amid the explosive growth in e-commerce.
Square Financial Services, based in Salt Lake City, will “offer business loan and deposit products, beginning with underwriting and originating business loans for Square Capital’s existing lending product,” the company said.