Dorsey's Square files for IPO
Mobile payments company Square, which is run by Jack Dorsey, Twitter's co-founder and recently appointed chief executive, has filed documents for an initial public offering (IPO) in New York following years of industry speculation.
The company, which generated revenues of $560.5m (€491.1m) in the six months to the end of June, up from $371m in the same period last year, has grown at an exceptional rate, driven by the booming market for mobile payments. But it is still struggling to turn a profit, posting a $77.6m loss during the same period - almost flat on the $79.4m loss a year ago.
Square, co-founded by Mr Dorsey in 2009, pioneered the use of instant payments through smartphones. "We've built one of the fairest and most efficient payments businesses in the world," said Mr Dorsey, in a letter attached to the filing for the Securities and Exchange Commission. (© Daily Telegraph, London)