Square goes on hiring spree ahead of new banking product launches
Square is currently recruiting for five new roles in its banking-focused design team, led by Andy Montgomery.
“We’re hiring a bunch of roles on my team for new banking products at Square,” Montgomery said in a Tweet on Monday.
The roles include a senior product designer, writer, and strategist, as well as an art director and a design technologist.
US fintech Square launched its bank in March, having filed its first banking licence application in September 2017.
The $55 billion-valued company landed its Industrial Loan Company (ILC) licence from the Federal Deposit Insurance Corporation (FDIC) around a year ago.
Two of the five roles focus on Square Capital, the fintech’s small business loans and financing arm.
They will focus on helping SME customers “understand very simply and clearly” how Square Capital’s banking products work.
Whilst the other three roles will focus on “building a suite of new financial products”. The job descriptions cover “projects from planning, ideation and design through implementation”.
None of the job applications specify what these new banking products will be.
But Square has already announced that its new Salt Lake City-based bank is gearing up to issue its own loans and offer deposit-insured accounts.
Previously, Jack Dorsey’s fintech partnered with Celtic Bank for banking products.
Square will start by underwriting and originating business loans for Square Capital’s existing lending product. The bank will operate independently, as a direct subsidiary of the digital payments company.
“Bringing banking capability in-house enables us to operate more nimbly,” Amrita Ahuja, Square’s chief financial officer (CFO), and chairwoman of the bank, said in March.