Report: Square to go public, files for IPO ‘confidentially’
Mobile-payments giant Square has reportedly filed for an initial public offering.
According to Bloomberg, the IPO was filed “confidentially” and is being kept under wraps for the time being.
“The [sources] asked not to be identified because the information is private,” reads the report.
This latest report gels with a Forbes article from last month that suggested the company was preparing to file for an IPO.
An IPO – alternatively known as a stock market lunch – is when a company sells shares of stock to the public for the first time.
It’s a good way for companies to raise capital quickly and become a publicly traded enterprise.
As of 2014, Square was valued at $6 billion USD.
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The California-based company was first launched in 2010, and was founded by Jim McKelvey and Jack Dorsey – the latter being the current interim CEO of Twitter following Dick Costolo’s recent departure.
Despite being a relatively new firm, it processed a staggering $30 billion in payments from millions of merchant customers in 2014.
It also announced a $25 million funding round back in May to raise cash for its Square Capital business lending program.
Square hasn’t made any official announcements regarding an IPO just yet, but stay tuned to TrustedReviews for the latest.