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Square plans to launch checking, savings accounts

The company is expanding its services for merchants beyond payments and loans.

Square continues to branch out beyond payments.

Square continues to branch out beyond payments.

Square is preparing to offer checking and savings accounts for businesses as it seeks to build out its tools for merchants beyond payments and lending.

Square plans to integrate the new accounts with its debit card for businesses, according to Bloomberg, which cited code in Square's mobile app.

Square's bank Square Financial Services began operating in March after receiving regulatory approval and at the time the company said it intended to offer loans and take deposits through the bank.

On the consumer side, fintech companies such as PayPal and Square are also increasingly seeking to integrate banking, investing and peer to peer payments into one app.

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