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 JP Morgan Securities, GGV Capital, Advanced Technology Ventures, Goldman Sachs, Sozo Ventures, Sapphire Ventures and GIC Pte Ltd.

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, Rizvi Traverse Management and Starbucks Coffee Company.

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 Kleiner Perkins Caufield & Byers, Visa Inc., Tiger Global Management, Sequoia Capital, Khosla Ventures and First Round Capital.

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 Sequoia Capital, Kleiner Perkins Caufield & Byers, Khosla Ventures 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..

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Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
7 Results
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People

Name
Role
LinkedIn

Abhay Kumar

Employee

Ali Tchitchy

Employee

Amrita Ahuja

CFO

Amy Shindler

Employee

Anneliese Niebauer

Employee

Ashley Ryan

Employee

Courtney DuBois

Employee

David W. Kralik

Employee

Ella Giacchetti

Employee

Erin Wilson

Employee

J. Bryan Scott

Employee

Jack Dorsey

Founder and CEO

Jennifer Lai

Employee

Jim Mckelvey

Founder

Joel Ponce

Employee

Jude Komuves

Employee

Justin

Employee

Kaylie Hodge

Employee

Keith Rabois

Employee

Mana Aynechi

Employee

Margaret Tseng

Employee

Matt Haehl

Employee

Matt Helbig

Employee

Matthew Meadows

Employee

Melissa Tsang

Employee

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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
Samantha Hurst
July 14, 2020
Crowdfund Insider
Click HERE to find out ⭐ Square Announces Acquisition of Operations Management Platform Stitch Labs. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Nathaniel Popper
June 23, 2020
www.nytimes.com
Small businesses say the Twitter chief's other company is holding on to 30 percent of their customers' payments during the pandemic.
Romain Dillet
June 16, 2020
TechCrunch
Square acquired Verse, a Spanish peer-to-peer payment app that works across Europe. Terms of the deals are undisclosed. According to Crunchbase, Verse had raised $37.6 million from Spark Capital, eVentures and Greycroft Partners and others. Square has attracted a ton of user with Cash App, its peer-to-peer payment app that lets you easily send and [...]
Samantha Hurst
June 16, 2020
Crowdfund Insider
Click HERE to find out ⭐ Square Announces Acquisition of Spanish P2P Payments App Verse. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Neil Vigdor
June 10, 2020
www.nytimes.com
The day marks the anniversary of when slaves in Galveston, Texas, first learned of their freedom on June 19, 1865.
Reuters Editorial
May 18, 2020
U.S.
Jack Dorsey-led Square Inc said on Monday that most of its employees can continue to work from home permanently even after offices reopen, following a similar announcement from Twitter Inc, which is also headed by the billionaire.
Stefanie K. Johnson
May 14, 2020
Harvard Business Review
Take a pay cut, communicate transparently, and give back with purpose.
Jordan Crook
April 16, 2020
TechCrunch
The startup world is going through yet another evolution. A few years ago, VCs were focused on growth over profitability. Now, making money is just as important, if not more, than sheer growth. And we're in the midst of a global pandemic, which has brought the economy to a crawl and forced entrepreneurs to rethink both [...]
Sarah Perez
April 13, 2020
TechCrunch
Fintech companies have been lobbying for weeks to be able to participate in the U.S. government's emergency lending program for small businesses. Now those efforts have paid off, as PayPal, Intuit and Square have all been approved to participate in the U.S. Small Business Administration's (SBA) Paycheck Protection Program, which provides aid in the form [...]
Martin Farrer
April 12, 2020
the Guardian
A deserted St Peter's Square in Rome, which would normally be packed with people ahead of the Pope's Easter Sunday address. Photograph: Fabio Frustaci/EPA
Bradford Betz
April 7, 2020
Fox News
Twitter CEO Jack Dorsey on Tuesday announced he would donate $1 billion of his equity in Square -- over a quarter of his wealth -- to support COVID-19 relief efforts.
March 17, 2020
Harvard Business Review
A conversation with entrepreneur Jim McKelvey on the best way to out-innovate bigger competitors.
Ingrid Lunden
March 11, 2020
TechCrunch
Small and medium enterprises make up the vast majority of businesses globally, and today a startup building merchant services to help them operate is announcing a growth round to address that opportunity. SpotOn -- which provides point of sale payment solutions, alongside a number of related tools such as marketing, appointment booking and loyalty services [...]
K. Thor Jensen
March 9, 2020
Geek.com
In the beginning, Japanese role-playing games were pretty close to their Western brethren - inspired by classic titles like Wizardry, they let players roll up their own characters along a spread of archetypes ...
Tom Acitelli
February 11, 2020
www.nytimes.com
The architecture and location of many former newspaper headquarters appeal to tech companies, urban homeowners and even beer connoisseurs.
Meagan Simpson
February 7, 2020
BetaKit
Dessa, a Toronto-based startup that builds machine learning applications, has been acquired by Square.
Ingrid Lunden
January 28, 2020
TechCrunch
The proliferation of data breaches based on leaked passwords, and the rising tide of regulation that puts a hard stop on just how much user information can be collected, stored and used by companies have laid bare the holes in simple password and memorable-information-based verification systems. Today a startup called Persona, which has built a [...]
Ingrid Lunden
January 6, 2020
TechCrunch
It's not every day that the CEO of a large Silicon Valley tech company decides to relocate to a different part of the world in order to learn more about it -- particularly a frequently maligned and often overlooked by big-business part. But Jack Dorsey, the American tech entrepreneur who co-founded and leads not one, [...]
Chris Colin
December 11, 2019
Wired
The Salesforce founder has donated a fortune to right capitalism's wrongs, and he thinks his fellow billionaires should too. Why can't we just be grateful?
K. Thor Jensen
December 2, 2019
Geek.com
Squaresoft (now Square Enix) made their bones on the Final Fantasy games, epic role-playing adventures that let players inhabit a colorful cast of characters that changed every game, contending with memorable villains and ...
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References

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