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Square (company)

Square (company)

A technology company that has developed solutions for making and receiving payments. It was founded in 2009 and is located in San Francisco, California.

Square is a San Francisco-based company that builds digital tools to aid entrepreneurs, business owners, and general society with sending or receiving payments using technology. The company has payment, hardware, and software systems that it has developed.

Product

The company sells hardware, such as a point of sale (POS) system. It has analytics and sales reporting capabilities as well as the tracking of sales and inventory. Clients can use the POS to process their customers' payments that are made with credit or debit cards. The POS includes the Square register, customer display, a power adapter cable, and more. There is also a Square Terminal system that can also take payments and print receipts. Clients can buy smaller hardware that connects directly to their own smartphone or tablet and reads credit or debit cards. These devices are known as the "Magstripe" and "Contactless and Chip".

Square also has a mobile app called "Cash App", which can be used to instantly send or receive money. To use any of the company's solutions or services, clients must pay the fee according to the company's website.

Square online store

Square offers an online platform for creating e-commerce websites capable of selling products and services, order fulfilment, shipping, and accepting online payments. E-commerce websites made on the Square online store are charged 2.9% + 30c per transaction on the website. Each site is free to make and is not subject to monthly fees. Websites built through the Square online store do not require any coding experience. Websites can be customized by integrating Square with other online e-commerce applications through prebuilt Square integrations. Square also offers developers an API for accepting online payments on sites they have built themselves.

Partners working with Square to integrate their services with the Square e-commerce platform include: Wix, WooCommerce, Intuit QuickBooks Online, GoDaddy, Acuity Scheduling, Mailchimp, Ecwid, Setmore Appointments, JotForm, Cuboh, PepperHQ, Push Operations, simPRO, Rezdy, Panierdachat, Deliverect, PandaDoc, and Domo.

Funding
Series A

On November 1, 2009 Square announced raising $10 million in series A funding from Khosla Ventures (lead investor), SV Angel, Xavier Niel, Shawn Fanning, Robin Chan, Marissa Mayer, Kevin Rose, Joshua Schachter, Jim Pitkow, and Grag Yaitanes, and other investors. At the time of announcing their series A funding round Square had a pre-money valuation of $30 million before publicly launching their services.

Series B

On January 10, 2011 Square announced raising $27.5 million in series B funding from Sequoia Capital (lead investor), Visa, Khosla Ventures. At the time of raising their series B funding round Square had a pre-money valuation of $212.5 million. The company plans on using their series B funding to hire more employees, and to expand its sales and marketing efforts.

Series C

On June 28, 2011 Square announced raising $100 million in series C funding from Kleiner Perkins (lead investor) and Tiger Global Management. At the time of raising their series C funding round Square had a pre-money evaluation of $900 million, and a post-money valuation above $1 billion.

Series C II

On December 9, 2011 Square announced raising an additional $3 million in series C funding from Virgin Group and GGV Capital. Richard Branson made the following statement regarding his decision to invest in Square through his company Virgin Group:

[I] took interest in Square’s rapid growth and novel technology, in particular its free hardware that allows anyone to accept credit card payments anywhere, anytime.
Series D

On September 17, 2012 Square announced raising $200 million in series D funding from VMware, Tuesday Capital, Starbucks, Rizvi Traverse Management, and Citi Ventures. At the time of raising their series D funding round Square had a valuation of $3.25 billion.

Debt financing

On April 7, 2014 Square announced raising $100 million in debt financing from Silicon Valley Bank, Morgan Stanley, JP Morgan Chase, Goldman Sachs, and Barclays Investment Bank.

Series E

On October 3, 2014 Square announced raising $150 million in series E funding from GIC (lead investor), Sozo Ventures, Sapphire Ventures, Omega Venture Partners, JP Morgan, Goldman Sachs, GGV Capital, and Access Technology Ventures. At the time of raising their series E funding Square had a valuation of $6 billion.

Venture round

On June 5, 2015 Square raised a venture capital round worth and undisclosed amount of money form Lightbank.

Timeline

May 7, 2019
Square acquires Eloquent Labs.
October 3, 2014
Square raises a $150,000,000 series E round from Advanced Technology Ventures, GGV Capital, GIC Pte Ltd, Goldman Sachs, JP Morgan Securities, Sapphire Ventures and Sozo Ventures.
September 3, 2012
Series D

Square closed their series D with $200m in financing.

September 2012
Square raises a $3,250,000,000 series D round from Citi Ventures and Rizvi Traverse Management.
August 1, 2012
Starbucks invests in Square

Starbucks invests $25 million in Square and makes Square its exclusive processor of debit and credit card payments.

August 2012
Square raises a $120,000,000 series D round from First Round Capital, Khosla Ventures, Kleiner Perkins Caufield & Byers, Sequoia Capital, Tiger Global Management and Visa Inc..
December 9, 2011
Square raises a $3,000,000 series C round from Richard Branson.
June 2011
Square raises a $1,000,000,000 series C round from Khosla Ventures, Kleiner Perkins Caufield & Byers, Sequoia Capital and Tiger Global Management.
May 23, 2011
Square Wallet and Square Register

Square announces the release of two new apps, Square Card Case (later rebranded as Square Wallet and Square Register.

January 10, 2011
Square raises a $27,500,000 series B round from Sequoia Capital and Visa Inc..

Funding rounds

Acquisitions

Patents

People

Name
Role
LinkedIn

Abhay Kumar

Employee

Ali Tchitchy

Employee

Amrita Ahuja

CFO

Amy Shindler

Employee

Anneliese Niebauer

Employee

...

Further reading

Title
Author
Link
Type
Date

Square Is Getting a Lot of Love From Analysts

Danny Vena

Web

September 4, 2019

Square is Yahoo Finance's 2018 Company of the Year

Daniel Roberts

Web

December 18, 2018

Documentaries, videos and podcasts

Title
Date
Link

How Square Works

March 2, 2017

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Meagan Simpson
September 28, 2021
BetaKit
On September 28, Square announced it is bringing its business expense card to the Canadian market.
Mary Ann Azevedo
September 15, 2021
TechCrunch
Building credit history can be difficult if you are a consumer that is having trouble getting access to credit in the first place. Enter TomoCredit, which has developed a credit card focused on building credit history for first-time borrowers. The San Francisco-based startup is announcing today that it has raised $10 million in a Series [...]
Josh Scott
September 8, 2021
BetaKit
The AI Times is a weekly newsletter covering the biggest AI, machine learning, big data, and automation news from around the globe.
Sarah Perez
August 30, 2021
TechCrunch
Square's popular free invoicing software is becoming the company's next big subscription service. The company is poised to announced a paid subscription offering called Invoices Plus, which will offer sellers a set of advanced features, including some that had previously been available with the free service. The service itself had been quietly introduced to individual [...]
Nassim Khadem and Michael Janda
August 24, 2021
www.abc.net.au
In its latest release to the ASX, Afterpay reveals a $156.3 million net loss, 689 per cent worse than its 19.8 million loss last financial year. Success, it seems, comes at a cost.
SHOW MORE

References

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