Square Files for IPO

The company, which had previously been losing tens of millions of dollars each year, announced that it is filing to be listed on the New York Stock Exchange.

The major mobile payments firm that was founded by Twitter pioneer Jack Dorsey, made its losses known regarding the paperwork which accompanied their IPO

The document disclosed: “When our products and services are used to process illegitimate transactions, and we settle those funds to sellers and are unable to recover them, we suffer losses and liability.”

As it stands, no further information regarding the fraud has been released.

However, the fraud cost is of mere consequence in comparison to the company’s overall losses.

Square experienced a net loss of $154 million in 2014 and $104.5 million in 2013.

Square had previously warned that profitability margins were not guaranteed in the short-term, maintaining that, “[their] business has generated net losses, and we intend to continue to invest substantially in our business.”

The company could potentially be listed on the New York Stock Exchange in a little over a month.

This news comes only a few days after Dorsey took over the role of Twitter Chief Executive, returning to the company after being forced to leave several years ago.

In a letter that was included in the prospectus, he was quoted, “We’ve built one of the fairest and most efficient payments businesses in the world.”