Tensec, a cross-border payments startup based in Palo Alto, has raised $12 million in funding led by Costanoa Ventures to enhance its real-time payment and transaction banking services for small and medium-sized global trading companies. With plans for expansion into Europe and Asia, Tensec aims to triple its clients' annual trade volume from $10 billion to $30 billion, targeting outdated payment infrastructures in the global market.

Square has launched a new grant program aimed at supporting small businesses, providing financial assistance to help them grow and thrive. The initiative reflects Square's commitment to empowering entrepreneurs by addressing their unique challenges and fostering economic development in local communities.