It looks like Twitter’s founder is getting a taste for public offerings, with rumours his mobile payments service Square is in discussions with Goldman Sachs and Morgan Stanley about a potential IPO next year. Founded in 2009, Square provides merchants with plug-in card readers that allows them to accept card payments via smartphones and claims its sales will approach USD1bn next year. That figure is almost double the USD550m it expects to generate this year from processing USD20bn in transactions.
Square is not yet profitable but Dorsey claims the startup is targeting 2015 for its first year of profitability. The news comes as Twitter, which is also not profitable, launches on the public markets. Intense interest from investors has caused share prices and evaluations to hike dramatically.
Share have risen by 73% on its first day of trading on the New York Stock Exchange, closing at USD44.90.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.