Square Doubles User Base in Last Six Months
June 18, 2012
Mobile payments company Square announced late last week that the number of individuals and businesses using Square to accept credit cards has reached two million. The San Francisco-based startup says it took a year to reach a million users but only six months to double that number. The company disclosed earlier in the week it now processes $6 billion on an annualized basis.
“Square's incredibly simple and convenient solution meets the needs of every type of business,” said Square COO Keith Rabois. “With more than 80 percent of Americans using credit cards, making payments with Square is becoming part of everyday life.”
Recent reports indicate Square will be raising a new round of financing that values the company at $4 billion—roughly four times what it was worth a year ago.