Square will apply for an industrial loan company license this week

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TechCrunch:

There’s been a lot of questions about whether or not Square aspires to become a bank. Now that speculation can be laid to rest. Square will file an application to become an industrial loan company (also referred to as industrial banks) with the Federal Deposit Insurance Corporation. TechCrunch has learned that the application will be submitted tomorrow, after which the FDIC will decide when it becomes publicly available.

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