Square's Jackie Reses, who led ILC bid and small-biz lending, steps down
Longtime finance entrepreneur Jackie Reses, who led Square Capital for the last five years, is leaving the company at the end of the month. Square has not yet named a successor.
Reses, honored this year by American Banker as one of the Most Powerful Women in Finance, played a key role in Square’s successful bid to become an FDIC industrial loan company. In an Oct. 2 Twitter post, Reses said she wants to take time off with her family and ski. She said she has no immediate plans to take another job.
Square said in a filing with the Securities and Exchange Commission that Reses’s last day with the company will be Oct. 30.
Reses, who has spent 30 years in finance and currently serves on the Economic Development Council of the Federal Reserve Bank of San Francisco, recounted highlights of her tenure as Square in a letter to colleagues she shared on Twitter, including working with Square CEO Jack Dorsey to develop the company's small-business lending arm. Square Capital launched in 2014.
During the coronavirus crisis, Square Capital pivoted from doling out loans up to $100,000 to rapidly providing more than 80,000 Paycheck Protection Program loans to distressed companies, amounting to $873 million.
"One of the top takeaways from this crisis is also something we've known for a long time: Small businesses are routinely overlooked and underserved by the traditional finance system," Reses told American Banker last month. "These comparably small loans made a massive amount of difference to businesses, and I'm grateful that I've been able to personally hear the stories of resilience and perseverance of sellers who were able to receive PPP through us."
Before joining Square, Reses was chief development officer at Yahoo and spent a decade as a partner at the New York private equity fund Apax Partners leading strategic investments. Previously she spent seven years handling mergers and acquisitions at Goldman Sachs.