Square, the mobile payments and financial services provider led by founder and CEO Jack Dorsey, is going public. The company will be listed on the New York Stock Exchange using the symbol “SQ.”
Word slipped out over the summer that Square had confidentially filed the necessary paperwork for its IPO. A business with less than $1 billion in annual revenue is allowed to file confidentially under the 2012 Jumpstart Our Business Startups (JOBS) Act.
Dorsey and co-founder Jim McKelvey launched Square in 2009. The company found success early on with its Square Reader, a small credit card reader that connects to a mobile device’s audio jack and allows merchants big and small to accept payments via credit and debit cards.
Square processed a whopping $23.8 billion in payments last year yet as The Verge highlights, the company isn’t yet profitable. It posted a net loss of $104.5 million in 2013, $154.1 million last year and $77.6 million already this year through the first two quarters.
As you may know, Dorsey was recently hired on as the permanent CEO of Twitter. Investors will no doubt be interested in how the executive manages to juggle leadership duties at both companies.
In its filing with the Securities and Exchange Commission, Square said it aims to raise $275 million in its IPO. No word yet on when exactly shares will be made available.