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Square Financial Services to Service and Originate Cash App Borrow Loans | PYMNTS.com

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Square Financial Services to Service and Originate Cash App Borrow Loans | PYMNTS.com

Block said Thursday (March 13) that its industrial bank, Square Financial Services (SFS), received approval from the Federal Deposit Insurance Corp. (FDIC) to offer the company’s consumer loan product Cash App Borrow.

SFS will begin servicing and originating Cash App Borrow loans nationwide in the coming weeks, replacing Block’s current external bank partner, Block said in a Thursday press release.

Cash App Borrow provides small, short-term consumer loans — typically less than $100 and about one month in duration — to Cash App customers in a simple and accessible way that includes making payments within Cash App, according to the release.

The short-term credit product saw nearly $9 billion in originations in 2024 offered by Block through its external bank partner. Most customers pay on time, and the product’s historic loss rates are under 3%, the release said.

SFS will continue to offer business loans through Square Loans and interest-bearing business savings accounts through Square Savings, per the release.

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“Across Block we’re focused on building technology to increase access to the economy, and Square Financial Services is a critical tool in helping us deliver on that,” Amrita Ahuja, chief operating officer and chief financial officer of Block and executive chairwoman of the board of directors for SFS, said in the release. “The bank allows us to provide a clear path to cash flow using our proven underwriting mechanisms for businesses and now consumers who are not well served by the traditional banking and credit systems.”

Block executives said during a Feb. 20 earnings call that the company plans to continue doubling down on traditional banking territory in the year ahead, as it did for much of the past fiscal year.

For example, executives pointed to Cash App’s continuing evolution that has included the addition of an expanded suite of banking features including high-yield savings, paycheck allocation to investments and free tax filing. They noted that Cash App Borrow’s nearly $9 billion in originations demonstrates strong demand for micro-lending services.

In a shareholder letter, Block said: “Our goal is to make Cash App the top provider of banking services to households in the United States that earn up to $150,000 per year.”

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Baker McKenzie Welcomes Finance & Projects Principal Matthias Schemuth in Singapore | Newsroom | Baker McKenzie

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Baker McKenzie Welcomes Finance & Projects Principal Matthias Schemuth in Singapore | Newsroom | Baker McKenzie

Baker McKenzie today announced that leading project finance lawyer Matthias Schemuth has joined the Firm’s Singapore office* as a Principal and Asia Pacific Co-Head of Projects in its Finance & Projects practice, alongside Partner Jon Ornolffson in Tokyo.

Matthias joins the Firm from DLA Piper, bringing more than 20 years of experience in the energy and infrastructure sectors across Asia Pacific. He advises sponsors, developers, commercial banks, multilateral lending agencies, and export credit agencies on the structuring and financing of large-scale projects. His practice also spans international banking, structured commodity and trade finance, with a strong focus on emerging markets. Matthias has been consistently recognised by Chambers Asia Pacific and Who’s Who Legal as a leading project finance practitioner.

James Huang, Managing Principal of Baker McKenzie Wong & Leow in Singapore, said: “We are excited to welcome Matthias to our team. His expertise and proven record in managing teams will be invaluable as we expand our regional and global finance offerings for clients.”

Emmanuel Hadjidakis, Asia Pacific Chair of Baker McKenzie’s Banking & Finance Practice, commented: “Asia Pacific is seeing strong momentum in infrastructure development, energy transition investments, and cross-border project financing, much of it centred in Singapore. Having Matthias on board will further enhance our ability to help clients seize opportunities in the region’s evolving energy and infrastructure markets.”

Steven Sieker, Baker McKenzie’s Asia Chief Executive, added: “Matthias’s appointment underscores Baker McKenzie’s continued commitment to investing in exceptional talent across key markets to support our clients in navigating today’s increasingly complex business and regulatory environment.”

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Matthias said: “I’m thrilled to join Baker McKenzie and contribute to its strong growth in Asia Pacific. The Firm’s global reach and local depth provide an unparalleled platform for delivering innovative projects and financing solutions to clients in this dynamic region.”

With more than 2,700 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence. The Firm’s Banking & Finance lawyers are ranked in more jurisdictions than any other firm by Chambers.  

Matthias’s hire continues the expansion of Baker McKenzie’s global team. His joining follows the recent arrivals of Carole Turcotte in Toronto; Tom Oslovar in Palo Alto; Jenny Liu in New York and Palo Alto; Helen Johnson, Mark Thompson, Nick Benson, Kevin Heverin, James Wyatt and Michal Berkner in London; Jan Schubert in Frankfurt; Todd Beauchamp and Charles Weinstein in Washington DC; Dan Ouyang, Winfield Lau, and Ke (Ronnie) Li in Beijing, Shanghai, and Hong Kong; and Alexander Stathopoulos in Singapore.

*Baker McKenzie Wong & Leow is the member firm of Baker McKenzie in Singapore

 

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3 finance stocks to buy on rising 10-year Treasury rates

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3 finance stocks to buy on rising 10-year Treasury rates
The Federal Reserve gave investors an early Christmas present by lowering interest rates by 25 basis points (i.e., 0.25%) marking its third rate cut this year. In the past, a change like this in the “long end” of the interest rate yield curve has triggered a predictable, investable pattern. Typically, this pattern would be bearish for finance stocks, particularly banks—investors would buy bank stocks when rates rose and sell them as rates fell….
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Reservists’ families protest outside Finance Minister’s home

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Reservists’ families protest outside Finance Minister’s home

Dozens of protesters from the “Religious Zionist Reservists Forum” and the “Shared Service Forum” demonstrated Saturday evening outside the home of Finance Minister Bezalel Smotrich in Kedumim.

The protesters arrived with a direct and pointed message, centered on a symbolic “draft order,” calling on Smotrich to “enlist” on behalf of the State of Israel and oppose what they termed the “sham law” being advanced by MK Boaz Bismuth and the Knesset’s haredi parties.

Among the protesters in Kedumim were the parents of Sergeant First Class (res.) Amichai Oster, who fell in battle in Gaza. Amichai grew up in Karnei Shomron and studied at the Shavei Hevron yeshiva.

Protesters held signs reading: “Smotrich, enlist for us,” along with the symbolic “draft order,” calling on him to “enlist for the sake of the State’s security and to save the people’s army – stand against the bill proposed by Bismuth and the haredim!”

Parallel demonstrations were held outside the homes of MK Ohad Tal in Efrat and MK Michal Woldiger in Givat Shmuel.

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Representatives of the “Shared Service Forum” said: “We are members of the public that contributes the most, and we came here to say: Bezalel, without enlistment there will be no victory and no security. Do not abandon our values for the sake of the coalition. The exemption law is a strategic threat, and you bear the responsibility to stop it and lead a real, fair draft plan for a country in which we are all partners. It’s in your hands.”

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