25 March 2017
Visit EBAday.com

Square buys food delivery outfit Caviar

05 August 2014  |  3932 views  |  0 Caviar

Payments firm Square is diversifying through the acquisition of San Francisco-based food delivery service Caviar. The deal is thought to be worth around $90 million in stock.

Caviar allows buyers to get meals sent to their homes from local restaurants that do not otherwise offer delivery, albeit at the cost of a $9.99 surcharge.

Founded in San Francisco in 2012, the firm now also operates in Boston, Chicago, New York, Seattle, Los Angeles, and Washington DC, with order volumes growing more than 500% year-over-year.

Jack Dorsey, CEO, Square, says: "By making delivery such a fast, friendly, and easy process, Caviar gives time back to restaurants so they can focus on what they do best - cooking great food for their customers."

In May Square launched Square Order, an app that lets people order and pay for food from participating restaurants, notifying them when their meal is ready to collect.

Square has also moved into small business lending as it looks to expand beyond its payments roots. Earlier this year it emerged that, despite revenues of $550 million, the firm posted a loss of around $100 million in 2013 as it struggled with the thin margins on the 2.75% fees it charges merchants.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Square gears up for US EMV switch with chip card reader

Square gears up for US EMV switch with chip card reader

30 July 2014  |  8379 views  |  0 comments | 10 tweets | 11 linkedin
Square moves into small biz lending

Square moves into small biz lending

28 May 2014  |  7657 views  |  0 comments | 13 tweets | 13 linkedin
Square to open New York office to house 350 employees

Square to open New York office to house 350 employees

25 April 2014  |  4472 views  |  0 comments | 5 tweets | 4 linkedin
Square denies it discussed sale to Google

Square denies it discussed sale to Google

22 April 2014  |  5662 views  |  1 comments | 12 tweets | 8 linkedin
Square tests food ordering app

Square tests food ordering app

28 February 2014  |  4954 views  |  0 comments | 6 tweets | 6 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57112 views comments | 15 tweets | 35 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8507 views comments | 23 tweets | 37 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
8408 views comments | 42 tweets | 25 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7070 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
6956 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job