Square CFO Sarah Friar is leaving the company to become CEO of Nextdoor, a social network for local neighborhoods.
Square CEO Jack Dorsey praised Friar, noting she helped take Square public in 2015, and oversaw the mobile point of sale company's deeper moves into financial services.
The company most recently debuted a consumer lending product, the latest in a series of moves to diversify beyond payment acceptance for micromerchants.
Square recently announced support for Google Pay, added a connector for iOS devices to improve in-store staff mobility, and partnered with eBay to expand its merchant credit business
These moves follow a series of rollouts over the past several years aiming to make Square an alternative to traditional banks and a competitor to payment fintechs such as Stripe and PayPal.
CNBC reports Friar was interested in seeing the company push deeper into traditional banking, adding that Square's stock rose more than 130 percent this year, though it fell more than 8 percent on Wednesday afternoon following news of Friar's move.
At Nextdoor, Friar will replace Nirav Tolia, who announced his resignation in July.
By adding Affirm, major now/pay later partner, to its Flexible Credential, the payment network is deepening its embrace of a popular product that's not going away.
Small Business Bank in Lennox, Kansas received another cease-and-desist order from the Federal Reserve for failing to comply with anti-money laundering and Bank Secrecy Act requirements for the second time in 14 months.
Lower borrowing costs, reduced exposure to the urban office sector and flattening vacancy rates could collectively save lenders from beleaguered corners of the commercial real estate market.
The companies held out hope that they'd get skeptical regulators to sign off on their $286 million deal before determining that canceling it was in their best interests.
In a Senate Judiciary hearing Tuesday morning, some Republican lawmakers signaled openness to joining their Democratic counterparts in supporting the Credit Card Competition Act.