Square Inc
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July 1, 2020
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Square Inc

Revenue:
USD 4,713.5 million (2019)
Profit:
USD 375.4 million (2019)
Employees:
3,835 (2019)
GICS Industry Group:
Headquarters:
San Francisco, California, United States
Founded:
February 2009
Current CEO:
Jack Dorsey (Feb 2009-)
Parent:
This is the ultimate parent

Description

Square Inc is a financial services, merchant services aggregator, and mobile payment company based in San Francisco, California. The company markets several software and hardware payments products and has expanded into small business services. The company was founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first app and service in 2010.

Square's offerings enables sellers to accept payments in person via magnetic stripe (a swipe), EMV (Europay, MasterCard, and Visa), or NFC (Near Field Communication) (a tap); or online via Square Invoices, Square Virtual Terminal, or the seller’s website or app. By becoming part of the Square "ecosystem", sellers gain access to features such as next-day settlements, digital receipts, payment dispute management, data security, and Payment Card Industry (PCI) compliance.

In May 2018, Square acquired Weebly to enable sellers to easily start or grow an omnichannel business with one cohesive solution. The acquisition expanded Square's "ecosystem" and gave sellers the ability to manage orders, inventory, locations, employees, and payroll; engage customers and grow their sales; build a website or online store with Weebly; and gain access to business loans through Square Capital. Square monetise's these features through either a per transaction fee, a subscription fee, or a service fee.

Square offers its services and hardware in geographies including the United States, Canada, Japan, Australia, and the United Kingdom. In the year end 31 December 2019, Square processed USD 106.2 billion of Gross Payment Volume (GPV), which was generated by nearly 2.3 billion card payments from 407 million payment cards.

Square is traded on the New York Stock Exchange (NYSE) under the code SQ.

In United States Dollars (USD)
In United States Dollars (USD)
In United States Dollars (USD)
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Operating Segments:

Transaction - Square charges sellers a transaction fee for managed payments solutions that is generally calculated based on a percentage of the total transaction amount processed. The company also selectively offers custom pricing for certain sellers - most likely large retail chains willing to use the company's products. For the year end 31 December 2019, transaction revenue accounted for 65.37% (USD 3,081.1 million) of total net revenue.

Subscription and services - Square's Instant Deposit, Caviar (sold to DoorDash in August 2019 for USD 410 million), Square Capital, and Cash Card, comprise the majority of the company's subscription and services-based revenue. Other subscription and services-based products include website hosting and domain name registration services, Gift Cards, Square Appointments, Customer Engagement, Employee Management, Payroll, and other subscription and services-based products. For the year end 31 December 2019, subscription and services revenue accounted for 21.88% (USD 1,031.5 million) of total net revenue.

Bitcoin - During the fourth quarter of 2017, Square started offering its Cash App customers the ability to purchase bitcoin, a cryptocurrency denominated asset, from Square. Square recognises revenue when customers purchase bitcoin and it is transferred to the customer's account. For the year end 31 December 2019, bitcoin accounted for 10.96% (USD 516.5 million) of revenue.

Hardware - Square hardware includes the Square Reader, Square Stand, Square Terminal, and Square Register, with availability of these devices varying by geographic location. Square also sells third-party peripherals, which include cash drawers, receipt printers, and barcode scanners, all of which can be integrated with Square Stand, Square Register, or Square Terminal. The Square Reader, which was the firm's first product, accepts credit card payments by connecting to a mobile device's audio jack. Square Reader is free once sign-up is complete. For the year end 31 December 2019, hardware sales accounted for 1.79% (USD 84.5 million) of total net revenue.

Mergers and Acquisitions:

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