Skip to content
Subscriber Only

Dorsey Says Square’s Lending Business Targets ‘Underbanked’ Population

  • Lending unit’s growth helps lift sales, profit above estimates
  • Square doesn’t compete with banks, CEO says in an interview
Video player cover image

Square's lending business is booming. The payments company led by Jack Dorsey posted strong growth and earnings in the second quarter. Bloomberg Television's Emily Chang sat down with Dorsey at Square's headquarters in San Francisco where she asked him what is the biggest driver of growth for Square. (Source: Bloomberg)

Square Inc.’s lending business is booming, but Chief Executive Officer Jack Dorsey said that rather than competing with banks, his company is focused on offering traditional banking services to more merchants and consumers who might not have easy access to them.

"We’re not really competing with financial institutions and banks and traditional lenders. Our average loan size is $6,000, so we’re competing with people going to their friends and family and asking for a loan," Dorsey said in an interview with Bloomberg TV’s Emily Chang. "That’s a massive market."