According to several sources, Square confidentially filed for an initial public offering. The highly successful mobile payments processor completed the filing with the help of Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.
For now, the groups affiliated with the process have declined to comment on the silent IPO. Based on the Jumpstart Our Business Startups Act, businesses have the option to keep their endeavors with the U.S. Securities and Exchange Commission in private, as long as they have less than $1 billion in revenue.
Rumors about the possibility of the company’s filings first surfaced on Forbes, where unnamed sources were cited.
Square has been on a roll since its inception in 2009. The global brand processed over $30 billion in payments last year. Its most popular product is a small credit card reader that conveniently fits on smartphones. The device is designed to handle wireless payments and provide flexibility for busy merchants.
In addition to mobile card processing, Square also offers robust point-of-sale solutions for business owners. Called Square Stand, the option is a versatile POS system that is targeted toward fast-moving restaurants.
Many praise the range of innovation and development of the company’s products. By continuously adding value to its current offerings, merchants have stuck with the brand and are quick to adopt new, upcoming features.
The leading fintech establishment also has a strong presence in the growing mobile payments space. Through the Square Cash app, individuals can send money to their friends and family instantly using a smartphone.
To date, Square has raised over $590 million in funding over nine financial rounds. Notable investors include the following firms and individuals: Barclays Investment Bank, Silicon Valley Bank, Government of Singapore Investment Corporation (GIC), Starbucks, Richard Branson and Marissa Mayer.