Square’s made $1 billion in business loans, surprising even its own executives

By November 2, 2016Uncategorized
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SAN FRANCISCO — San Francisco-based payment company Square has doled out $1 billion in loans to businesses through its Square Capital program, it revealed in its earnings report this week.

That amount surprised even Square’s executives, VentureBeat reports, because it only rolled out the lending program two years ago and does not typically disclose how many businesses are using the program. What’s more, many businesses are coming back for multiple rounds of funding, Square said.

“It’s something…