Jack Dorsey‘s financial company Square, which also owns mobile payment service Cash, has just opened up its own bank. According to the company, it’ll be called Square Financial Services, and launch sometime later this year. https://twitter.com/Square/status/1366528181935702024?s=20 The bank will operate as a separate entity from Square. The firm said it received approval from The Federal Deposit Insurance Corporation (FDIC) today, a banking regulator in the US, to start its own banking service: The Federal Deposit Insurance Corporation (FDIC) Board has voted to conditionally approve Square’s application for deposit insurance related to its Industrial Loan Company (ILC) bank charter.