A rally in the shares of Square Inc. over the past few months has pushed the market valuation of the digital-payment company into the ranks of some of the biggest U.S. banks.
Square has a market capitalization of about $55 billion after doubling since May, making it worth more than Truist Financial Corp. and all but four banks in the KBW Bank Index. While it’s still dwarfed by JPMorgan Chase & Co. and Bank of America Corp., Square is less than $20 billion shy of Goldman Sachs Group Inc.’s market valuation, which stands at $74 billion.
