Square has been aggressively ramping up its marketing costs this year as the COVID-19 pandemic drove increased consumer adoption of new digital finance products. (Photo by Christiann Koepke on Unsplash)
Square has been aggressively ramping up its marketing costs this year as the COVID-19 pandemic drove increased consumer adoption of new digital finance products. (Photo by Christiann Koepke on Unsplash)Payment services provider Square said Monday that it will raise roughly $1 billion from new convertible notes, just days after the fintech revealed it will substantially increase spending on new hires, marketing and potential new acquisitions.

“We want to put more force behind some of the trends that we’ve seen within our space, such as artificial intelligence and also cryptocurrency, specifically Bitcoin,” Square CEO Jack Dorsey said. (Photo by Dmitry Demidko on Unsplash)
“We want to put more force behind some of the trends that we’ve seen within our space, such as artificial intelligence and also cryptocurrency, specifically Bitcoin,” Square CEO Jack Dorsey said. (Photo by Dmitry Demidko on Unsplash)Square Chairman and CEO Jack Dorsey suggested that the fintech may increase its bet on Bitcoin and other cryptocurrencies next year, after its consumer digital wallet platform booked a record $1.63 billion in third-quarter Bitcoin sales.

Intuit CEO Sasan Goodarzi and Credit Karma Founder and CEO Kenneth Lin seen at Intuit Headquarters on Thursday, Feb. 20, 2020 in Mountain View, Calif. (Alison Yin/AP Images for Intuit)
Intuit CEO Sasan Goodarzi and Credit Karma Founder and CEO Kenneth Lin seen at Intuit Headquarters on Thursday, Feb. 20, 2020 in Mountain View, Calif. (Alison Yin/AP Images for Intuit)Personal-finance firm Credit Karma is in talks to sell its tax-preparation unit Square to ease federal antitrust concerns over its pending $7.1 billion buyout by TurboTax operator Intuit, The Wall Street Journal reported Friday.

American Express disclosed diversity data on its U.S. workforce last month, revealing that one in eight workers were Black or African American and another one in eight were Latino at the end of 2019. (AP Photo/Jenny Kane)
American Express disclosed diversity data on its U.S. workforce last month, revealing that one in eight workers were Black or African American and another one in eight were Latino at the end of 2019. (AP Photo/Jenny Kane)American Express promised to spend $1 billion on diversity-related iniatives, including offering grants to Black women entrepreneurs and doubling purchases from minority-owned suppliers.

In this Aug. 16, 2019, file photo, the logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York. (AP Photo/Richard Drew, File)
In this Aug. 16, 2019, file photo, the logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York. (AP Photo/Richard Drew, File)JPMorgan Chase made a strategic investment in U.K. payments technology firm Icon Solutions, the companies said Thursday, as coronavirus lockdowns accelerate demand for digital financial services across the globe.

FILE- In this Dec. 8, 2017, file photo, coins are displayed next to a Bitcoin ATM in Hong Kong.  (AP Photo/Kin Cheung, File)
FILE- In this Dec. 8, 2017, file photo, coins are displayed next to a Bitcoin ATM in Hong Kong.  (AP Photo/Kin Cheung, File)Fidelity Investment’s cryptocurrency-focused arm is planning on providing digital asset custody services to Singapore-based crypto fund manager Stack Funds, a representative of Fidelity Digital Assets said Thursday, as the demand for cryptocurrencies in Asia shoots up.

Coinbase Card’s U.S. users will be able to earn 4% back in Stellar Lumens or 1% back in Bitcoin, Coinbase said. (Photo by Clifford Photography on Unsplash)
Coinbase Card’s U.S. users will be able to earn 4% back in Stellar Lumens or 1% back in Bitcoin, Coinbase said. (Photo by Clifford Photography on Unsplash)Coinbase said Wednesday that it will now offer a cryptocurrency debit card to U.S. customers, expanding its footprint in the country as more companies launch payment tools designed to tap the growing crypto market.

This Sept. 13, 2014, file photo, shows the Chase bank logo in New York. (AP Photo/Frank Franklin II, File)
This Sept. 13, 2014, file photo, shows the Chase bank logo in New York. (AP Photo/Frank Franklin II, File)JPMorgan Chase rolled out a new payments offering for businesses that includes fast access to funds, a move that puts the bank into a space dominated by fintechs Square and PayPal.

Placing a bet on the increasing importance of cryptocurrency, U.S. payment company Square said Thursday that it has purchased 4,709 Bitcoins at a total price of $50 million.

Payment processor Square said Thursday that it will invest $100 million in support of minority communities as a way to accelerate diversity in small businesses across the U.S., as financial services firms increasingly look for ways to address racial inequality.

Payments fintech Square found that the shift to cashless payments, which received a jump-start in the pandemic, is likely around for the long term, based on an analysis of data from its millions of customers.

Square said Tuesday that it is rolling out a pair of new features meant to expedite the payroll process, in an effort to help both employees and employers improve their cash flows amid the COVID-19 downturn.

U.S. payment company Square invited crypto-asset developers and companies to join its new Crypto Open Patent Alliance, intended to promote innovation by preventing members from hoarding patents or suing others in bad faith.

Mastercard and fintech Square partnered with the Falkland Islands to dramatically expand access to card payments to the South American territory, which has limited financial infrastructure and relies heavily on cash.

A former KKR executive has formed his own firm called Patient Square Capital to pursue private equity deals in the health care industry, the new company said on Monday.

The National Association of Federally-Insured Credit Unions sent a letter to the U.S. Office of the Comptroller of the Currency on Monday asking the regulator to rethink a new plan to offer specialized charters to fintechs.

Fair lending groups asked a federal appeals court to uphold a ruling that struck down a U.S. banking regulator’s proposal to issue special purpose charters to fintech companies, asserting that the special purpose charters would open the door to predatory lenders.

Mobile banking platform Varo Money received approval from U.S. regulators for a national bank charter, becoming the first fintech to receive that designation as the sector fights for greater legitimacy.

A trio of banking trade groups sent a letter to U.S. congressional leaders Wednesday asking them to place a three-year moratorium on industrial loan company applications to close a loophole that the groups say poses a risk to the banking system and consumers.

JPMorgan Chase is partnering with payments startup Marqeta to offer virtual cards to its commercial clients as consumers increasingly embrace digital payments options.