18 August 2017
Find out more

Square upgrades Cash app for text-based P2P payments; reportedly in talks to raise $200m

27 August 2014  |  8166 views  |  0 Square Cash

Square has revamped its Cash P2P payments app, enabling users to send and receive money via text. Meanwhile, reports suggest that Jack Dorsey's firm is in the process of raising some cash itself, talking to potential investors about a $200 million funding round.

The latest version of Square Cash gives users the ability to send or request money from everyone in their address book using just their phone number, even if the recipient doesn't have the app. Customers could already send money using email addresses.

Once a user has linked their debit card to the app, they can send money to a mobile number. The recipient gets a text informing them of the news and providing a link so that they can register their card so that the money is deposited straight into their bank account.

The app has also had a design refresh and now offers the ability to keep track of payments and requests via push notification, as well as a new profile feature for linking email addresses and phone numbers to accounts.



Meanwhile, Square is in talks with potential investors, including the Government of Singapore Investment Corporation, in an effort to raise around $200 million at a $6 billion valuation, according to CNBC, citing sources. Square has refused to comment.

Rumours have been rife in recent months that Square's business is floundering. Despite revenues of $550 million, the firm posted a loss of around $100 million in 2013 and has already burned through more than half of the $340 million it has raised since 2009 as it struggles with the thin margins on the 2.75% fees it charges merchants.

With Amazon moving onto its mPOS patch, earlier this month the company published a defensive blog post explaining why "myths" about it and a potential sale are "totally bogus".

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 scores investment to extend cash advance service

Square scores investment to extend cash advance service

19 August 2014  |  6326 views  |  0 comments | 14 tweets | 8 linkedin
Square gets defensive about 'totally bogus' myths

Square gets defensive about 'totally bogus' myths

15 August 2014  |  8268 views  |  0 comments | 4 tweets | 5 linkedin
Amazon undercuts Square and PayPal with mPOS launch

Amazon undercuts Square and PayPal with mPOS launch

13 August 2014  |  12679 views  |  0 comments | 16 tweets | 34 linkedin
Square buys food delivery outfit Caviar

Square buys food delivery outfit Caviar

05 August 2014  |  4067 views  |  0 comments | 1 tweets | 1 linkedin
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  |  8641 views  |  0 comments | 10 tweets | 11 linkedin
Square denies it discussed sale to Google

Square denies it discussed sale to Google

22 April 2014  |  5878 views  |  1 comments | 12 tweets | 8 linkedin
UK's Paym P2P mobile payments service set for 29 April launch

UK's Paym P2P mobile payments service set for 29 April launch

02 April 2014  |  17675 views  |  17 comments | 12 tweets | 16 linkedin
Amazon to move into P2P and in-store payments

Amazon to move into P2P and in-store payments

30 January 2014  |  13042 views  |  2 comments | 28 tweets | 25 linkedin
Square explores 2014 IPO - Wall Street Journal

Square explores 2014 IPO - Wall Street Journal

07 November 2013  |  4405 views  |  0 comments | 7 tweets | 1 linkedin
Square launches e-mail P2P payments service

Square launches e-mail P2P payments service

16 October 2013  |  9450 views  |  6 comments | 20 tweets | 10 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.dorsum.euvisit www.abe-eba.eu

Who is commenting?

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10435 views comments | 8 tweets | 16 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8594 views comments | 1 tweets | 3 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
6897 views comments | 16 tweets | 22 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
6321 views comments | 20 tweets | 22 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job