The San Francisco-based fintech company, best known for its point-of-sale payment-card readers, said its sellers will be able to access loans through its platform. (The Logic)

Talking point: Square Loans is the latest of several recent product launches in Canada, and presents yet another challenge to the country’s traditional banks. Tech firms like Clearco and Shopify are also chasing the small-business lending market. Square said businesses using its product will pay a flat fee on the loans. “It’s no secret that small and medium-sized businesses face tremendous barriers when it comes to accessing funds to help them transition and grow,” said Luke Voiles, Square’s general manager of business banking. According to the company’s data, roughly 70 per cent of small business owners in Canada have never used traditional funding and 46 per cent said they had relied on personal credit cards.