From CNBC: 2024-10-31 02:48:09

Tech billionaire Jack Dorsey’s company, Block, has launched its corporate card service in the U.K. to compete with American Express. Square Card, available in the U.S. and Canada, offers free business spending cards with quick access to funds. The move aims to help small businesses manage daily expenses more easily.

Square U.K.’s executive director, Samina Hussain-Letch, emphasized the benefits of the corporate card for merchants, providing instant access to funds and aiding in business growth. The company’s mission is to make commerce easy, with real-time access to funds being a key factor for small and micro businesses in the U.K.

The launch of Square Card in the U.K. will bring competition from local banking giants like Lloyds and NatWest, as well as European fintech players. The service allows merchants to personalize employee spending cards and use them within digital wallet apps, without charging monthly fees, maintenance fees, or foreign exchange fees.

With the U.K. seeking to attract global technology businesses, Square’s expansion comes at a time of uncertainty for entrepreneurs facing tax changes. Finance Minister Rachel Reeves announced a hike in the Capital Gains Tax, but the rates are lower than initially feared, offering some relief to technology entrepreneurs. The tax hikes are expected to bring in £2.5 billion.

Read more: Jack Dorsey’s Block expands Square Card service to the UK