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September 10, 2015

Mobile payments firm Square plans IPO in Q4

The timing of IPO depends on market conditions.

By CBR Staff Writer

Mobile payments firm Square is planning an IPO in the fourth quarter of this year.

Citing people familiar with the matter, Bloomberg reported that the timing of the IPO is subject to change based on market conditions.

Twitter interim CEO Jack Dorsey founded Square in 2009 with Jim McKelvey. Dorsey has assured investors and key employees that he will also remain Square’s chief executive.

The timing of the IPO is more dependent on market conditions than whether Dorsey remains CEO, according to the report.

Earlier this year, Twitter’s board members rejected choosing Dorsey as permanent CEO while he shares a CEO role with Square.

Last year, Square raised $150m in a funding round led by the Government of Singapore Investment Corporation, with the company then valued at $6bn.

The company competes with Paypal, Google Wallet and Limpman among others. It processed $30bn in payments in 2014 from its merchant customers.

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Square offers businesses a detachable card reader which lets smartphones process credit and debit card payments.

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