After soaring late last week, Square Inc.'s (SQ) - Get Report in the red. 

The drop happened after Venmo announced that it will be rolling out a debit card. The card can be used to make in-store payments across the U.S. Users can sign up for the waitlist through the Venmo app.

Square offers a debit card through its Cash App. The app works similarly to Venmo, allowing users to send money to friends. 

In afternoon trading, Square was down more than 5%.