Block’s Cash App Borrow Secures FDIC Approval, Expanding Lending Services

In a significant development for financial services, Block Inc., the parent company of Cash App, has obtained approval from the Federal Deposit Insurance Corporation (FDIC) for its new subsidiary, enabling Cash App to offer loan services. This regulatory nod opens the door for Cash App to launch its 'Cash App Borrow' feature, aimed at providing customers with personal loans. The approval represents a critical step in Block's strategy to enhance its financial ecosystem and compete more aggressively in the personal finance sector.

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