Square Is One To Watch For The Future
One to watch for the future is mobile payments firm Square. They have just announced that they expect to double their anticipated annual payments volume forecast made last October from $2 billion to $4 billion payments a year. This is just the latest of growth announcements from Square, who only last November announced that they now process $11 million in payments per day (up from $4 million a day in July); making them one of the fastest growing firms in the world.
Square, founded in 2009 by Twitter co-founder Jack Dorsey and Jim McKelvey, provides an app to US retailers which allows them to process credit card payments using a Smartphone or tablet device, thanks to a free credit card swiping device which plugs into the headset/microphone jack. The service has proven to be very popular and by the end of 2011 over 1 million retailers of the 8 million who accept credit cards in the US, had signed up for their service.
Squares rapid growth has not gone unnoticed and in November 2011 they closed a $100M Series-C financing round with investment from the likes of Sir Richard Branson, Kleiner Perkins, Visa and others which valued the firm at $1 billion, a mere two years after its launch. This valuation came on the back of the unveiling of retail deals with Apple, Wal-Mart, Best Buy, Radio Shack, and Target.
This strong growth rate has continued into 2012 with the announcement of retail deals with OfficeMax and select UPS Store locations and the release of an updated iPad app called Square Register; which will only further strengthen Squares appeal among retailers. With plans in the works to roll out worldwide and to provide its app to consumers, it won’t be long before it far exceeds its $1 billion valuation.