When Square initially filed for an ILC charter there were many in fintech who though the payments firm was doomed like Walmart was more than a decade ago; comment letters to the FDIC show a different story, there is a lot of support for the application; former ICBA CEO Camden Fine tells American Banker, “At its heart, Square is a financial services company that’s heavily involved in payments.”; Fine was the leader in opposing Walmarts bid which failed; the FDIC has received 15 letters with 14 supporting the application and only the ICBA opposing; Square’s support for SMB’s have helped set the stage for support as many letters comment on how the fintech has helped provide capital to businesses who need it. Source.
