Square Inc. intends to invest $100 million in support of minority and underserved communities. The investment constitutes 3% of the payment processor's cash and marketable securities as of the end of the second quarter.

Square plans to allocate $25 million of the investment to deposits in Community Development Financial Institutions and Minority Depository Institutions around the U.S. and $25 million in The Keepers Fund sponsored by the National Bankers' Association, a trade group representing minority-owned financial institutions.

Furthermore, Square intends to invest $25 million in The Black Economic Development Fund managed by The Local Initiatives Support Coalition, a social enterprise supporting projects and programs to revitalize communities, bring greater economic opportunity to residents, and facilitate the financing of Black-owned businesses. An additional $25 million is going to be reserved for future investment into social impact projects, to be announced at a later date.

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