New money disruptor companies, PayPal, Square are making strong statements on the financial ecosystem of the world’s largest economy, the United States.
Data retrieved on their most recent market capitalization reveals PayPal is growing faster than any normal U.S bank, and it’s not close. Still, PayPal isn’t a traditional bank.
The fast-rising financial juggernaut doesn’t have a physical branch, but it is now ranked the 2nd most valuable American financial bank listed on the Stock market with a valuation of about $251 billion.
- Recall sometimes ago PayPal Holdings, announced it was providing its users the opportunity to buy, hold, and sell cryptos directly from their PayPal account by early next year.
- It also hinted at a strategy to significantly boost its crypto’s utility capability by making it readily available as a funding source for purchases by its 28 million clients globally.
- However, a few weeks later, PayPal allowed U.S residents to purchase, sell, and keep cryptos.
- About 12 years ago, PayPal Europe was granted a Luxembourg banking license, which, under EU laws, allows it to conduct banking business throughout the European Union.
Square, Inc. a fast-growing fintech startup led by highly respected tech entrepreneur, Twitter’s Jack Dorsey comes in 7th position on the list with a market valuation of $95 billion.
- The company is pretty known for building tools to empower businesses and individuals to participate in the economy.
- Sellers use Square to reach buyers online and in-person, manage their businesses, and access financing. And individuals use Cash App to spend, store, and invest money.
- Recall Nairametrics, some weeks back reported how its money-spinning app, Cash App has now become its major income driver, making up about 80% of its entire revenue in Q3 with the help of Bitcoin.
- Square Financial Services has its operations headquartered in Salt Lake City. Its most recent FDIC approval gives the fintech company FDIC insurance, meaning that depositor funds are insured up to $250,000.