Square is applying for a bank license

Square, the payments company headed by Twitter CEO Jack Dorsey, is reapplying for a bank license after pulling its first application earlier this year, The Wall Street Journal reported.

The payments company said Wednesday that it plans to file applications with the Federal Deposit Insurance Corporation (FDIC) and state regulators for a license to create a bank in Utah. 

{mosads}Square first applied for a bank license with the FDIC and state regulators in Utah in September 2017 and withdrew its application in July. 

A Square spokesperson told Reuters that it has revised the application to provide additional documents, information and details.

The new unit would be called Square Financial Services Inc. and would offer loans, deposit accounts and prepaid cards to small businesses, the Journal reported.

Square in its application wrote that it has extended more than $3.5 billion in loans and cash advances through Square Capital, one of its units, according to the Journal.

“Square Capital is uniquely positioned to build a bridge between the financial system and the underserved, creating access for small businesses to both capital and the economy,” Jacqueline Reses, who would be the chairman of the bank, said Wednesday in a statement to the Journal. 

Square is best-known for its small white credit card readers, but it also offers multiple banking services.