SAN FRANCISCO — Square, the financial-services startup that helps small businesses process credit card payments, is planning to go public.
The 6-year-old company is known for its white, cube-shaped card readers that plug into smartphones and tablet computers, turning them into electronic sales terminals.
It’s also known in the tech industry for being founded and led by Jack Dorsey, 38, who was separately named CEO of the social networking service Twitter last week. Dorsey, who owns 24.4 percent of Square, co-founded Twitter in 2006 and has said he’ll continue to run both companies.
Square filed regulatory papers this week for an initial public stock offering valued at up to $275 million, although that figure could change.
While some tech startups have delayed going public, Square’s filing has been expected. San Francisco-based Square says it had $850 million in revenue last year. Revenue for the first half of this year was $560.6 million, an increase of 51 percent over the same period last year. The Associated Press
