Financial services startup Square files for $275M IPO
NEW YORK (AP) – Financial-services startup Square plans to go public.
Founded in 2009 by Twitter co-founder and CEO Jack Dorsey, Square has been a pioneer in mobile payments. Its white cube square readers plug into the headphone jack of smartphones and tablet computers so the devices can become electronic sales terminals, allowing millions of merchants to accept credit cards.
It filed for an IPO that was valued at up to $275 million, according to a form filed Wednesday with the SEC. That figure could change.
The San Francisco company says revenue rose 51 percent to $560.6 million during the first six months of 2015 from the same months a year ago. It lost $77.6 million in the first half as it invested in its business.
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