Block said that its Square Financial Services industrial bank has gotten the nod from the Federal Deposit Insurance Corp. to make consumers loans directly to borrowers, using Cash App Borrow. The announcement represents a shift, as the firm had previously made the loans through its external banking partner. By bringing the loan originating and servicing functions in house, Block retains the revenue streams associated with that lending. “Cash App Borrow is designed to provide short-term cash flow in a simple and accessible way when alternatives are notoriously expensive and difficult for consumers to navigate,” the company said adding that under the external bank partnership model, the short term offering had seen $9 billion in originations last year. Square noted that the same underwriting mechanisms that have been used for the business loans will now be used for the consumer-facing lending. In its 10-K filing, the company details that its banking strategy seeks to “bank our base, move upmarket by serving families” and strives to “build the next generation social bank.” Cash App Card, the company has said, is the “entry point into a deeper banking relationship” with Block. Within the subscription and services based sales that that includes the Cash App offerings (and Cash App Borrow), Block’s $7.2 billion in revenues grew by 21% year over year, far outpacing the 5% seen with transaction-based revenues.