By Chris Wack

Square Inc. said Thursday it intends to invest $100 million in support of minority and underserved communities, driven by the company's purpose of economic empowerment and its "ongoing commitment to racial equity."

The company said the investment constitutes 3% of its cash and marketable securities as of the end of the second quarter of 2020.

Square said it intends to make $25 million to deposits in Community Development Financial Institutions and Minority Depository Institutions in communities around the country around the U.S., and $25 million investment in The Keepers Fund sponsored by the National Bankers' Association.

The company also will make a $25 million investment in The Black Economic Development Fund managed by The Local Initiatives Support Coalition, and an additional $25 million reserved for future investment into social impact projects, to be announced at a later date.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

September 24, 2020 08:10 ET (12:10 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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