Square made its mark helping small-business customers accept payments and offering more financial services based on that relationship. The latest addition will be an American Express credit card, issued and managed from within Square's apps.
The card will roll out next year with Amex's core card features and it will operate on i2c's digital platform, the companies said in a press release Wednesday. Celtic Bank, based in Salt Lake City, will issue the cards, Square said.
Designed specifically for Square sellers' needs, the card will enable users to incorporate it into their existing financial-management and cash-flow tools, according to the press release.
"We wanted to create a product on a payment network that has a strong track record of supporting small merchants," Luke Voiles, general manager of Square Banking, said in the release.
The move would potentially add some overlap and deepen Amex's existing financial connections with small merchants, which it's already targeting through
By acting solely as the card-acceptance network in this arrangement, Amex is flexing its ambitions to expand card-processing revenue and enrich its data through fintechs, a goal the company announced last year when it formed a
"Millions of small merchants already welcome American Express cards through Square, and we look forward to expanding our relationship to further support the Square seller community with this innovative product," William Stredwick, senior vice president and general manager of Amex's global network services for North America, said in the release.
This isn't the first time Square has worked with Celtic Bank. Before Square's move last year to launch
Square will release details about the card and its benefits next year, the companies said in the release.
