In the world of digital payments, one name that has made a significant impact is Square. This innovative company has revolutionized the way businesses handle transactions, making it easier than ever for small businesses to accept credit card payments. In this article, we will delve into the background of Square, its founders, its revenue, and more. We will explore how this company has grown from a simple idea to a multi-billion dollar enterprise, and what the future holds for this tech giant.
Background of Square
Square, Inc. is a financial services and mobile payment company based in San Francisco, California. Founded in 2009, the company’s primary aim was to simplify commerce for small businesses and individual entrepreneurs. Square’s flagship product is a small, square-shaped card reader that plugs into a smartphone or tablet, allowing businesses to accept credit card payments anywhere, anytime.
The Founders
Square was co-founded by Jack Dorsey and Jim McKelvey. Dorsey is a well-known figure in the tech industry, also co-founding Twitter. McKelvey, a glassblower by trade, came up with the idea for Square after losing a sale because he couldn’t accept a credit card payment. Together, they developed the Square card reader, which quickly gained popularity for its simplicity and convenience.
Revenue and Growth
Since its inception, Square has experienced significant growth. In 2012, just three years after its launch, the company was processing over $10 billion in payments annually. By 2015, that number had grown to $35.6 billion. In 2020, Square reported a gross profit of $2.73 billion, a 45% increase from the previous year. This growth can be attributed to the company’s continuous innovation and expansion into new markets.
Products and Services
Over the years, Square has expanded its product line beyond the original card reader. The company now offers a full suite of business tools, including point-of-sale systems, payroll services, and business loans through Square Capital. In 2013, Square launched Square Cash, now known as Cash App, a mobile payment app that allows users to transfer money to one another using a mobile phone app.
The Future of Square
Looking ahead, Square continues to innovate and expand. The company has made several acquisitions to broaden its services, including the food delivery service Caviar and the website builder Weebly. Square is also exploring new technologies, such as blockchain and cryptocurrency. In 2018, the company announced that Cash App users could buy and sell Bitcoin, signaling Square’s interest in the digital currency market.
In conclusion, Square has revolutionized the payment industry with its innovative solutions. From its humble beginnings as a simple card reader, the company has grown into a multi-billion dollar enterprise offering a wide range of financial services. With its continuous innovation and expansion, Square is poised to remain a dominant player in the digital payments industry for years to come. Whether you’re a small business owner looking for a convenient way to accept credit card payments, or a tech enthusiast interested in the latest innovations, Square has something to offer.
