Friday, 15 June 2012

Square has 2m users & processes $6bn in payments per year

"Square claims that it is now handling USD6bn in mobile transactions annually, up 20% from the volume of payments in April, when the firm reported USD5bn. Square, which lets users make payments using a smartphone plug-in, says it now employs 300 staff and is also appointing its first CFO, with the milestones indicating the firm’s growing maturity. Former Salesforce VP Sarah Friar is joining the company amid rumours that Square is in the process of raising its next round of funding. The news comes as Square faces mounting competition from rival PayPal, which recently launched its own plug-in card reader, as competition in the mobile payments market continues to rise.
Square, the mobile payment company started by Twitter co-founder Jack Dorsey, just broke 2 million users, six months after it surpassed 1 million.
The company is now processing more than $6 billion in payments as well on an annualized basis. That figure represents huge growth for Square. Last year at this time, the company was hoping to process $1 billion in payments “within the next year.”"

No comments: