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Square reportedly files for IPO

24 July 2015  |  9862 views  |  0 Square chip card reader

Mobile payments startup Square has filed confidentially for an initial public offering, according to Bloomberg sources.

People with "knowledge of the matter" have told newswire Bloomberg that Jack Dorsey's firm has taken advantage of the Jumpstart Our Business Startups Act, which lets firms with less than $1 billion in revenue file for an IPO with the SEC privately.

Square is declining to comment.

Co-founded in 2009 by Twitter co-founder Dorsey as a mPOS provider that enables small business to use their mobile phones to accept card payments, Square quickly grew to become one of the biggest and most hyped startups in the fintech sphere.

The company has since moved into other areas, such as payroll services and capital financing and has raised hundreds of millions of dollars, valuing it in the billions of dollars.

However, things have not always run smoothly. Last year rumours swirled that the firm was looking to sell itself off after struggling to a $100 million loss in 2013, despite revenues of $550 million.

Meanwhile, Dorsey has found himself taking a more active role at Twitter, taking up the position of interim CEO after Dick Costolo left this month.

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