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Sutton Bank is a real bank with full FDIC insurance. Seems like Square Banking is just a pretty UI on top of that.
by afavour 5y ago
Sutton Bank is a real bank with full FDIC insurance. Seems like Square Banking is just a pretty UI on top of that.
- hestefisk 5y agoSutton 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.
- mattanimation 5y agoThis 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.
- tadfisher 5y agoSimple 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.