Today, everyone is talking about the big Twitter IPO. Next year, we may be talking about Square putting forth an initial public offering.
The common thread here is Jack Dorsey, of course. The Twitter co-founder is also the founder and CEO of mobile payments company Square – a company that may be eyeing an IPO of its own.
The report comes from The Wall Street Journal, who cites someone familiar with the matter who says that Square has already held discussions with banks, including Goldman Sachs (who’s leading the Twitter IPO) and Morgan Stanley. Although Square isn’t profitable right now (even with nearly $1 billion is sales, per source), it appears that they have a plan to turn it in the direction over the next couple of years.
Square started with the basic Square Reader, a card-scanning device that plugged into smartphones and tablets and allowed small businesses to process payments on the go. Later, Square introduced the Square Stand, an all-purpose POS system. In the past month, the company has also entered into the realm of email money transfers with the ridiculously simple to use Square Cash.
In the time since, Square has launched in Canada and Japan. About a year ago, Square closed a round of Series D funding from Citi Ventures, Rizvi Traverse Management, and Starbucks.
For more on today’s Twitter IPO, check here. The initial offering was $26 a share, and as of the writing of this article the price has already skyrocketed to over $46 in its first couple of hours on the market.
Image via Square