Jack Dorsey’s Square files for IPO

Digital payments company Square has filed for an initial public offering.

The announcement comes after co-founder of Twitter Jack Dorsey, Square’s chief executive officer and founder, recently took on the role of Twitter’s permanent CEO and will now lead both companies.

Square said it plans to list its common stock under the ticker symbol ‘SQ’ on the New York Stock Exchange.

According to its S-1 filing, Square’s total net revenue increased 51 per cent to $560.6m during the six months ending in June but posted a $77.6m net loss during that period.

In the filing, Dorsey said: “We’ve built one of the fairest and most efficient payments businesses in the world. We made it possible to accept card payments in less than five minutes. We priced all payment cards at the same flat rate and eliminated complicated fees. With Square Cash we’ve built a network that works for both individuals and businesses, online and offline. We believe sellers should be able to accept any type of payment, from cash to cards, Apple Pay to bitcoin, and whatever the future may bring, so they never miss a sale."

He continued: "As a public company our decisions will continue to reflect what we’ve done as a private one—we put our customers first. That means constantly asking the question: how can the financial system better serve people? We’ll measure ourselves by our commitment to take the long view and focus on building a company that creates value over decades and not just a few fiscal quarters out.”

Dorsey owns 24.4 per cent of Square, according to the filing.

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