Why Square, Inc. Stock Climbed 10% in September
Shares of financial technology company Square (NYSE: SQ) increased 10.3% during September, according to data provided by S&P Global Market Intelligence. At least some of this rise can likely be attributed to the surprising news of Square's application to form a wholly owned bank, the company's recruitment of Intel's VP and general manager of artificial intelligence products to its board of directors, and a new strategic partnership with Eventbrite.
Square's move to launch its own wholly owned bank put the spotlight on the company's growing ambitions to offer a full suite of banking solutions. Furthermore, it highlights Square's desire to continue to develop its fast-growing loan business. Square's second-quarter loan volume was up 68% year over year.
Image source: Square.
Source: Fool.com
