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by afavour 1794 days ago
Sutton Bank is a real bank with full FDIC insurance. Seems like Square Banking is just a pretty UI on top of that.
2 comments
mattanimation 1794 days ago
This really reminds me of how Simple was actually just a layer on top of BBVA who then ended up closing Simple and now BBVA has merged with another bank and is changing again.
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tadfisher 1793 days ago
Simple started out as a layer on top of The Bancorp Bank (TBBK), and we intended to support multiple backing accounts before the merger with BBVA.
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hestefisk 1794 days ago
Sutton Bank is the deposit taking institution and therefore wear the customer / deposit risk. Pretty much everything from the payment rails and up appears to be Square.
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