Square Files Confidentially for IPO
July 27, 2015
Square, the payments company that popularized card acceptance for micromerchants using mobile devices, has filed confidentially for an initial public offering, according to a report in Bloomberg Business. The report, based on unnamed sources “with knowledge of the matter,” said the San Francisco-based company has been working with Goldman Sachs, Morgan Stanley and JPMorgan Chase on the IPO. Neither Square nor the banks commented for the Bloomberg report.
Square’s co-founder, Jack Dorsey, has been acting as interim CEO at Twitter, another company he helped found and led until 2008. Dorsey’s future is unclear in light of the reported IPO and the possibility of taking over at Twitter permanently. Since its beginnings offering mobile card acceptance to small merchants, Square has increasingly tried to diversify its payment product offerings adding fixed POS, online invoicing and payroll services.
According to the report, federal legislation called the Jumpstart Our Business Startups Act enables companies with less than $1 billion in revenue to file for IPOs with the Security and Exchange Commission privately.