Jim McKelvey says Square served customers he viewed as excluded by banks, prompting extra infrastructure

What was said

"So what happened with Square because we we sort of accidentally found ourselves on this side of the line because we were building products for people that weren't in the banking system. So the entire banking system excluded our customers which was I mean it was crazy because we had to build all this other stuff. We have we basically had to build a shadow banking system."

Jim McKelvey says Square ended up building for customers he characterises as outside the traditional banking system, claiming that banks “excluded” those customers. He says that, as a result, Square had to build additional components beyond a typical payments product, describing it as “basically” a shadow banking system.