Square partners with eBay to expand lending for ‘underserved’ small businesses

CNBC Markets |   | Jul 24, 2018

Jack Dorsey Square - Square partners with eBay to expand lending for 'underserved' small businessesFintech company Square is boosting its small-business lending with an eBay partnership.

Square Capital, the lending arm of the payment start-up, will be available to eBay sellers looking to expand their business operations. Starting in the third quarter, merchants on the site can apply for a loan as small as $500 and up to $100,000 to help with everything from payroll and inventory to equipment and marketing, the companies announced Tuesday.

Square Capital’s focus since launching in 2014 has been on those businesses historically excluded from the larger financial system. The partnership will offer access to capital for those who have been “underserved when seeking funding” and give U.S. sellers a "seamless funding experience," said Jacqueline Reses, head of Square Capital.

See: 

Small-business lending is an increasingly competitive area in fintech. PayPal, which was once a part of eBay, has a program called Working Capital and provides loans to merchants based on sales history. Amazon also does this for sellers, and began extending credit to small business owners in 2011. It uses sales data to trigger invitations for financing that could boost growth.

Still, credit availability continues to be an issue for smaller merchants. Heading into this year, small businesses reported stronger revenue growth and profitability but still struggled to get loans to pay operating expenses and wages, according to the Federal Reserve’s 2017 Small Business Credit Survey. As many as 70 percent of merchants didn't receive the funding they wanted last year, the report said.

San Francisco-based Square, run by Twitter CEO Jack Dorsey, is best known as a credit cards processor but also offers payment hardware. Its peer-to-peer Cash App is growing faster than PayPal’s Venmo, according to a recent Nomura report. It began offering cryptocurrency trading on the Cash App late January.

Continue to the full article --> here


NCFA Jan 2018 resize - Square partners with eBay to expand lending for 'underserved' small businessesThe National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

Latest news - Square partners with eBay to expand lending for 'underserved' small businessesFF Logo 400 v3 - Square partners with eBay to expand lending for 'underserved' small businessescommunity social impact - Square partners with eBay to expand lending for 'underserved' small businesses

Borden Ladner Gervais LLP | Stephen J. Redican, Robert Dawkins, Ross McGowan and Alexandra Nicol | Jan 9, 2020 The Canadian financial services industry is at the threshold of change. Regulatory overhaul, the ubiquity of online services, and technological innovation and disruption will affect all players—from banks to FinTech start-ups. Open banking will introduce new opportunities and business models for the financial services industry and new services from FinTech entrants to the market—but these opportunities come with unprecedented risks and operational requirements for a banking system that prides itself on stability. Given Canada's unique financial system and constitutional structure, the implementation of open banking won't look the same as it has in the U.K., the EU or Australia, where its introduction is already underway. See:  Why Canada must be open to open banking We spoke with a diverse group of leaders from across the Canadian financial services industry to understand open banking's current and emerging issues: What do you see changing? How will your organizations fit into the new landscape? What might a made-in-Canada model of open banking look like for consumers and industry? Roundtable Participants Anne Butler Chief Legal Officer and Head of Policy and Research, Payments Canada "If ...
Read More
Open Banking in Canada - Square partners with eBay to expand lending for 'underserved' small businesses
CSA |  Jan 16, 2020 Montreal - The Canadian Securities Administrators (CSA) today published Staff Notice 21-327 Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets, to help these entities to determine situations where securities legislation may or may not apply. “The evolving landscape of the industry prompts us to clarify our regulatory framework so as to better support fintech businesses seeking to offer innovative products, services and applications in Canada,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “As we continue to consider the comments and responses to the consultation we launched last year, the staff notice published today will help platform operators to determine whether their activities are subject to securities legislation.” The notice describes situations where securities legislation will and will not apply. For example, securities legislation may apply to platforms that facilitate the buying and selling of crypto assets that are commodities, because the user’s contractual right to the crypto asset may itself constitute a derivative, a security or both. The relevant determination will depend on the facts and circumstances, including the obligations and intention to provide immediate delivery of the crypto asset. The ...
Read More
CSA logo - Square partners with eBay to expand lending for 'underserved' small businesses
Vox Recode | Shirin Ghaffary | Jan 7, 2020 Facebook’s new rules will still allow controversial fake videos like the one of Nancy Pelosi that made her appear to be drunk. Facebook announced late Monday that it would ban “deepfakes,” which are AI-manipulated videos that distort reality, often simulating real people in fake situations. The social media giant announced the changes in a company executive blog post, saying it will remove deepfakes and other types of heavily manipulated media from its platform. Specifically, the company laid out two main criteria for removing content under the new rules. The first is that the company will remove content posted on Facebook if has been edited in ways that would “likely mislead someone into thinking a subject of the video said words that they did not actually say,” according to the post written by Monika Bickert, Facebook’s vice president of global policy management. Secondly, the platform will ban media if it’s the product of AI or machine learning that “merges, replaces, or superimposes content onto a video, making it appear to be authentic.” Facebook came under fire last year for allowing a manipulated video of Speaker Nancy Pelosi that made it appear as ...
Read More
deepfake Zuckerberg - Square partners with eBay to expand lending for 'underserved' small businesses
CNBC | Hugh Son | Jan 13, 2020 Key Points When Goldman Sachs released a long-awaited app for customers of its Marcus consumer bank last week, it did so with little fanfare or hype. But the app will one day serve as the bank’s storefront and one-stop shop for an array of digital banking services, according to Adam Dell, a Goldman Sachs partner and head of product at Marcus. “There are two kinds of incumbent banks,” Dell told the audience at a financial conference in June. “There are banks that are screwed, and there are banks that don’t know they’re screwed.” When Goldman Sachs released a long-awaited app for customers of its Marcus consumer bank last week, it did so with little fanfare or hype. Unlike the intense attention on its last retail product, the Apple Card, the launch of the bank’s Marcus app was heralded by little more than a smattering of user reviews. See:  JPMorgan has a plan to help Amazon and Airbnb look more like banks But the app may prove to be far more important to Goldman than its credit card partnership with Apple. That’s because the portal, which today lets customers check balances and set ...
Read More
Marcus app - Square partners with eBay to expand lending for 'underserved' small businesses
Fortune | Rey Mashayekhi | Jan 14, 2020 In late 2018, payments giants Visa and Mastercard both invested in fintech startup Plaid through a $250 million funding round that valued San Francisco-based firm at an impressive $2.65 billion. Described as “strategic investments,” the two financial services heavyweights sought not only to provide Plaid with financial backing, but also to leverage the fintech firm’s sprawling technological capabilities to improve their own services. See: Visa R&D Arm Develops a Blockchain System That Could Replace Financial Data Aggregators “We’re really excited about working with [Plaid] to enhance payment experiences globally,” Bill Sheedy, executive vice president of Visa’s strategy group, told Fortune at the time. With Plaid’s APIs (application programming interfaces), Visa could potentially improve the customer experience via everything from fraud detection to real-time account balance verification—services that “reduce the friction around financial transactions,” as Sheedy put it. A little over a year later, Visa has decided to come back for the whole thing. Whether it beat its great rival Mastercard to the punch, or saw a deal that its East Coast rival did not see, is as yet unclear. But on Monday, Visa announced that it has agreed to acquire a 100% ...
Read More
Visa acquires plaid - Square partners with eBay to expand lending for 'underserved' small businesses
McKinsey & Company | Sean Brown and Kevin Laczkowski | Dec 2019 Resilient companies enjoy gains that last long after an economic crisis has passed. We talk with two of our experts about their new research on corporate resilience and what differentiates companies that emerge from economic downturns stronger than they were going in. We'll share insights on preparing your organization for macroeconomic crises and why the next downturn may be very different from earlier ones. Sean Brown: Kevin, what do you see as the most important first steps in developing such a resilience playbook? Kevin Laczkowski: You need alignment across the top team. This must be driven from the top down. It has to be a senior management team priority, or it doesn’t work. The second step is setting up the resilience nerve center and staffing it with high performers who can take macroeconomic scenarios, bring them down to the company level, understand how to stress test, and know what interventions and diagnostics the organization needs. A resilience playbook needs alignment across the top team. It has to be a senior management priority, or it doesn’t work. Kevin Laczkowski See:  Executive Perspectives on Top Risks 2020 Sean Brown: Do ...
Read More
resilience playbook - Square partners with eBay to expand lending for 'underserved' small businesses
National Cyber Security Centre UK | Jan 9, 2020 The Cyber Security Body of Knowledge (CyBOK) has been launched at London's Science Museum. A guide which for the first time brings together knowledge from the world’s leading cyber security experts has been launched. The Cyber Security Body of Knowledge (CyBOK) provides a foundation for cyber security education, training and professional practice. It will be invaluable for academia, industry and Government. The 828-page resource has the potential to help organisations to better protect themselves. It covers the foundations of cyber security, ranging from the human element through to issues in computer hardware security. See:  Cyberattacks now cost small companies $200,000 on average, putting many out of business Cybercrime FinTech, Flare Systems, Raises $1M, Led by Luge Capital Launched at a special event at London’s Science Museum, CyBOK was sponsored by the National Cyber Security Centre (NCSC), which is a part of GCHQ, and funded by the National Cyber Security Programme with support from DCMS. The development of CyBOK was led by the University of Bristol. Chris Ensor, the NCSC’s Deputy Director for Growth, said: “This guide will act as a real enabler for developing cyber security as a profession. It’s been ...
Read More
CyBOK - Square partners with eBay to expand lending for 'underserved' small businesses
Tech In Asia | Miguel Cordon | Jan 8, 2020 Southeast Asian ride-hailing giant Grab has opened its first cloud kitchen in Singapore as part of the company’s 2020 expansion strategy for its food delivery service GrabFood. GrabKitchen offers merchant-partners a platform to introduce new food concepts and brands. In addition to offering a space to operate in, GrabFood takes care of utility management within the facility and marketing support within the app, helping reduce onset business challenges. The GrabKitchen in Hillview brings over 10 F&B brands, including three new virtual restaurants, to northwest Singapore, according to a statement. Grab is also planning to launch more cloud kitchens in the city-state within the first half of the year. See:  Social equity must be central to urban tech innovations Along with this, the company unveiled a GrabFood merchant platform designed to provide tools for merchant-partners. It seeks to cater to their end-to-end business needs that span procurement, marketing, finance, and business management to help them expand their businesses. The platform will include features such as a unified merchant app and a dashboard with access to GrabFood, Grab Financial Group, and GrabAds services. It will also help merchant-partners procure discounted kitchen supplies ...
Read More
grab kitchen sinapore - Square partners with eBay to expand lending for 'underserved' small businesses
AiThority | Sudipto Ghosh | Jan 7, 2020 The People’s Republic of China has officially bestowed legitimacy to Blockchain and Cryptography. The country’s enchanted Blockchain industry will now be regulated as per China’s Password Law. The world’s first Password Law has come into effect on 1 January 2020, following the Chinese government’s initiative to regulate how government agencies and private companies use data to run their cryptography management systems. From the start of this New Year 2020, the Office of State Commercial Cryptography Administration (OSCCA), and only approved products are sanctioned for use in China. In this article, we are providing a quick overview of China’s Password Law and what it entails for the blockchain ecosystem globally. Decoding China’s Password Law  Though a very unique development in the global Blockchain scenario, the Password Law is completely home-grown and blossoming affaire de coeur. Within weeks of its Seventieth anniversary of the People’s Republic of China (1 October 2019), the government led by President Xi Jinping passed a resolution to regulate cryptography for multiple industries. A Chinese daily had reported that the 14th Session of the 13th National People’s Congress Standing Committee voted to pass the ‘crypto law’ on 26 October 2019 ...
Read More
China and blockchain - Square partners with eBay to expand lending for 'underserved' small businesses
KABN Network | David Lucatch | Dec 9, 2019 Crowdfunding Offering supported by UK Based Tokenise and KABN Equity Token created using Polymath Token Studio Gibraltar--(Newsfile Corp. - December 9, 2019) - KABN (Gibraltar) PLC ("KABN" or the "Company") is pleased to announce that it has created its KABN Equity Token using the Polymath Token Studio and will make its Equity Token available for sale through a public Equity Crowdfunding sale via UK based Tokenise, which is fully compliant with the UK FCA regulatory framework. The Company's Token Offering information site can be found at www.kabntoken.com. Unlike a network or utility token, each KABN Equity Token will represent a KABN (Gibraltar) PLC Preference Share as equity or ownership in the Company. After spending well over 2 years to develop, test and launch its active business platform, KABN believes that ownership of identity is a basic human right and that individuals should be the primary beneficiary of any use of that identity data. To that end, KABN has developed a continuous, Always On, verified identity solution for commercial clients and consumers that allows individuals to manage both their private and public data, restricting the sharing and use of that data while ...
Read More
Clipboard04 - Square partners with eBay to expand lending for 'underserved' small businesses