Square is a digital payment and financial services company based in San Francisco, California. It was found almost more than ten years ago in 2009 by Jim Dorsey and Jim McKelvey.The company, although found in 2009, launched its platform a year later in 2010. Today, we’ll know Who Owns Square?
Square own by Jack Dorsey, who owns approximately 24 percent of this payment company. Jack Dorsey is also a co-founder of Twitter and is the current CEO of Square. Square is a publicly traded company, and as of 2020, it will. Thusknownis valued at USD 100 billion.
Disintegration of Square: From History of Square to Companies Owned
- History
- Square Products
- Companies Owned by Square
History
The idea for Square originated when a friend (Jim McKelvey) of Jack Dorsey’s, was unable to complete a transaction using credit cards. His friend tried to sell his glass faucets and fittings but failed to complete the sale as he couldn’t accept credit cards.
The work on this digital payments cash app began henceforth from a small office in St Louis. The company got its name from its square-shaped card readers.
Square also has its assets in Bitcoin. To invest in bitcoin was a mostly futuristic move, as they believed bitcoin could be everywhere in the future. Square further purchased around 150 million worth of Bitcoin in the first half of 2021.
Square also decided to purchase Tidal with Jay-Z as a stakeholder. Tidal is Norwegian-based, which offers services like podcasts, music videos as well as audio.
Square Products
Square offers numerous digital products. From card readers to cash app, Square is all-in-all is fully a service catering to customers’ all needs. Not only users but also helping sellers to grow their business. Listed below are the different products of Square.
Square Reader
Square’s Reader was its first product. The main job of the Square Reader is that accepts credit card payments by connecting to a mobile’s 3.5 mm audio jack. The former version of this reader was the read was directly wired to the audio jack—the unencrypted analog card information feed to the mobile for digitization.
In 2012, Verifone-a rival company claimed that the reader had safety issues and could skim the credit card details. However, the CEO and co-founder, Jack Dorsey, dismissed the claims.
In 2014, Square released a card reader that would accept contactless payments. It was launched as a counterpart of the traditional magnetic stripe card reader. Further, Square also released a reader capable of accepting ApplePay. Finally, in 2018, Square released a reader with a Lightning connector for iPhone. In addition, it terminates to be compatible with iPhones without the audio jack.
Cash App
They were formerly known as Square App; Cash App release in 2013. Cash App is primarily used for money transfers. Users can transfer money using the app or via the website. Cash App emerged with monthly active customers of more than 30 million.
After two years, the company released a feature for businesses. The part allowed using a unique name called $cashtag, for individuals, organizations, or sellers to send or receive money.
After three years of introducing the cash app, the company further added a feature to buy and sell bitcoin. Moreover, the company keeps adding features to the app for the convenience of its customers.
Caviar Delivery Service
In 2014, Square acquired Caviar. Caviar is a startup that delivers meals from restaurants. Caviar delivered couriers for restaurants that do not otherwise have. With a foothold in almost more than ten markets in the United States, users can use Square’s app to put an order. Alternatively, they can also use Caviar’s website.
Further, Caviar replaced Square Order. Square order allows users to put up an order and pick them up at a particular time. However, eventually shut down Square Order in 2015. Later in 2018, Caviar entered the catering business by acquiring Zesty, a San-Francisco-based catering platform.
Caviar not only now processes payments, but users could also use it to track table locations, menus and help with tip-splitting. In 2019, DoorDash announced that it would acquire Caviar from Square.
Other Devices and Services
Other Square Devices and Services include:
- Square Stand
Square Stand is nothing but a point-of-sale system for iOS.
- Bluetooth Connected Reader
It is a reader that works on both iOS and Android. In addition, these Bluetooth reader works for both contactless and chip payments.
- Square Register
The square register is a standalone point-of-sale system primarily for small to medium businesses. The Square Registers uses two tablets, one merchant and customer’s with an in-built swipe and tap reader.
- Square Capital
Started in 2014, Square Capital allowed the businesses financial aid using Square.
- Square Payroll
A square Payroll is a cardinal tool that android launched for business owners. Business owners use the device for payouts to their employees. This tool is used across the United States and covers services like tax filing, business withholdings, and processing payments.
- Virtual Gift Cards
In 2012, Square allowed users to use virtual gift cards while scanning a QR code on the user’s smartphone. Square also included the usage of non-digitized gift cards in 2014.
Services.
- Square Financial Services
Focusing on small businesses, Square planned to launch Square Financial Services in 2021. The Financial service is to be based in Salt Lake.
Companies Owned by Square
Over the years, Square has made several acquisitions, thereby diversifying its products and services. It has also helped to increase the company’s global operation and also offer next-level technology tools.
Listed below are the five top acquisitions of Square.
- Third-Party Trade LLC
- Verse Technologies Inc
- Eloquent Labs
- Weebly Inc.
- Stitch Labs Inc.
What does Square Do?
They created this Square in 2009 to fulfill its dream of encapsulating merchants and payments into an easy-to-use service. Jack Dorsey and Jim McKelvey further decided to launch tools and services to aid small businesses.
Cash app is one of the significant hits of Square, which allows users to send and receive money using a mobile app. Square also has a point-of-sale service in addition to the and Square payroll for merchants to process payments.
All-in-all, Square offers both a cash and seller ecosystem. The seller ecosystem consists of a point of sale, virtual terminal software tools, and so on. The Cash Ecosystem, on the other hand, helps users manage their money.
Growth and Financials of Square
In 2019, Square generated a revenue of over 100 billion with card payments alone. The same year, the net income of the firm reached approximately five billion.
Square raises several rounds of funding. As per reports in 2015, Square traded its share for USD nine per share, making the company valued at about three billion. In 2021 however, Square traded for USD 265 per share.
In 2017, Cash App announced the trial program of the app, which had an additional feature of Bitcoin trading. The next year, extended the bitcoin trading to Wyoming. Also, in the same year, the firm announced its acquisition of Weebly. Weebly is a website construction and hosting service.
After acquiring Caviar in 2014, Square became the first company to have both point-of-sale and food delivery services. However, Caviar was later sold to DoorDash at 400 million dollars.
Frequently Asked Questions
Who owns Square Currently?
Currently, Square own by Jack Dorsey. He is the CFO and the co-founder of Square. Jack Dorsey also holds the largest share of the company.
When was Square Found?
Found Square in 2009. However, even though it formulated the idea in 2009, the company went live a year later.
Is Square offering only a Cash app?
No, Square offers a plethora of services and tools. Square provides payment options, hardware, points of sale, and other devices, including loans, payroll, and so on.
What are the different office locations of Square?
Based in the United States, Square holds offices across the globe. Some of the Square office locations are Japan, Canada, Australia, UK, and Ireland.
How did Square grow?
Being a startup, Square rose to success in no time. With several rounds of fundings and numerous acquisitions, Square diversified its services and products. Not only the benefits it offers but also the hardware that is helpful for users and business owners.
Who are the rival companies of Square?
Even though it has acquired numerous companies, like Storehouse, Kili, and Frostbite, it still has significant competitors such as Google, Paypal, and Intuit Inc.
Is Square Available in India?
No, Square is not available in India. In addition, even though Square has expanded across the globe, there are still some countries where Square is unavailable. Square is available in Japan, Ireland, Australia, Canada, UK, and the United States.
What is the employee strength of Square?
Based in California, Square currently has more than 3000 employees. The company is constantly expanding, thus, there is bound to be a hike in employee strength in the future.
What are the subsidiary companies that Square holds?
Two of the subsidiary companies that Square hold are Tidal and Weebly. Weebly is a website construction and hosting service, whereas Tidal offers a range of services from streaming videos to podcasts.
