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March 4, 2021

On the web

Jack Dorsey’s Square, Inc. Is Buying a Majority Stake in Jay-Z’s Streaming Service Tidal

The Verge

“Square, Inc., the financial services company founded by Twitter CEO Jack Dorsey, is acquiring a majority stake in Tidal, the high-fidelity audio and video streaming service led by Jay-Z. Square is paying $297 million in cash and stock for a “significant majority ownership stake” and says Tidal will operate independently alongside Square’s other ventures.”

March 2, 2021

On the wires

Square Financial Services Begins Banking Operations

“Square, Inc. announced its industrial bank, Square Financial Services, has begun operations after completing the charter approval process with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions. Square Financial Services is an independently governed subsidiary of Square, Inc. Headquartered in Salt Lake City, Utah, its primary purpose will be to offer business loan and deposit products, beginning with underwriting and originating business loans for Square Capital’s existing lending product. Moving forward, Square Financial Services will be the primary provider of financing for Square sellers across the U.S.”

January 29, 2021

On the wires

Square Register Raises the Bar With a New, Comprehensive Point-of-sale

“Today, Square has launched its latest hardware offering, Square Register , a fully integrated countertop point-of-sale (POS) solution, designed to give UK businesses with complex needs the versatility they need to manage sophisticated operations. Right now, it’s not business as usual for many, and this new device is designed for businesses looking for a versatile countertop POS solution that can be adapted to suit changing needs. Square Register brings together modern hardware, embedded POS software which includes delivery & online order management, and Square’s secure payment technology.”

January 5, 2021

On the web

Square Says New FinCEN Wallet Proposal Will Inhibit Crypto Adoption and Hinder Law Enforcement Efforts

The Block Crypto

“Square is the latest company to go public with its opposition to proposed rulemaking from the U.S. Financial Crimes Enforcement Network (FinCEN). If enacted, the proposal would require companies to keep records of and report certain cryptocurrency transaction information beyond what is required for cash transactions today.”

December 11, 2020

On the wires

December 10, 2020

On the wires

Square Appointments Now Available on Square Register for a Complete POS Solution for Beauty and Wellness Industry

“Today, Square announced the availability of Square Appointments on Square Register , a point-of-sale solution specifically built for beauty and wellness sellers that now runs on Square’s first-class hardware. This offering provides integrated hardware and software so sellers can book and confirm appointments, manage inventory, accept payments, and check out customers all from Square Appointments for a front desk experience that provides simplicity and a professional look that elevates any business.”

December 9, 2020

On the wires

November 25, 2020

Top Post

Cash App Announces Definitive Agreement to Acquire Credit Karma Tax

“Square, Inc. (NYSE: SQ) has entered into a definitive agreement with Credit Karma to acquire its tax business, Credit Karma Tax, on behalf of Cash App, the financial services app that allows individuals to spend, send, store and invest money. Square will pay $50 million in cash for Credit Karma Tax, which provides a free, do-it-yourself tax filing service for consumers. Consistent with Square’s purpose of economic empowerment, Cash App plans to offer the free tax filing service to millions of Americans.”

November 19, 2020

On the web

Jack Dorsey’s Square Invests $18 Million in Italy’s App Satispay

Bloomberg (paywall)

Square Inc. , the payments company run by Jack Dorsey, is among new big investors in Italy’s mobile digital payment platform Satispay SpA , in a move aimed to expand its operations across European markets, according to a statement by Satispay. The San Francisco-based company invested about 15 million euros ($18 million) for a minority stake in Satispay, people familiar with the matter said, asking not to be mentioned because the value isn’t public. The deal is part of a larger round of investment of 93 million euros that will also be joined by China’s Tencent Holding Ltd , LGT Lightstone, Telecom Italia SpA ’s TIM Ventures and other investors, the statement said.”

October 16, 2020

On the wires

September 24, 2020

On the wires

Square, Inc. to Invest $100 Million in Minority and Underserved Communities

“Square, Inc. (NYSE: SQ) announced today that it intends to invest $100 million in support of minority and underserved communities, driven by the company’s purpose of economic empowerment and its ongoing commitment to racial equity. The investment constitutes three percent of Square’s cash and marketable securities as of the end of the second quarter of 2020. Square commits to financial support for these causes in the future.”

September 15, 2020

Top Post

Square Payroll Brings Faster, More Flexible Money Movement With Launch of On-Demand Pay and Instant Payments

“Today, Square announced the launch of two new features that enable Square Payroll customers and their employees to more easily and effectively manage their cash flow: On-Demand Pay for employees, and Instant Payments for employers. The new offerings, which leverage Square’s Seller and Cash App ecosystems, represent a major milestone in providing employees and employers more flexibility and control over their money.”

On the wires

Square Report Reveals How Much the Pandemic Has Accelerated the Digital Economy

“Today, Square, Inc. (SQ) released a new report that highlights how the onset of COVID-19 has affected global commerce and payments behavior. This is the third installment of Square’s Making Change series, which examines whether or not we’re headed towards a cashless society. In February 2020, just 5.4% of Square sellers across the US were cashless*. By April 2020, amidst the height of shelter-in-place mandates, that number jumped up to 23.2%. By August 2020, as the world slowly began to reopen, the number of Square sellers with a cashless business model was showing signs of stabilizing at 13.4%. That said, there has still been a remarkable increase in cashless adoption rates compared to pre-pandemic.”

August 12, 2020

On the web

Square’s Cash App tests new feature allowing users to borrow up to $200


Cash App, the peer-to-peer payments service from Square, is giving select users a way to get short-term loans. The company said it’s only testing the feature with around 1,000 users for now. But it could become more broadly available — and there are probably plenty of people who could use the money, given the state of the U.S. and global economy, not to mention the current uncertainty about further stimulus plans.”

August 5, 2020

On the web

Square Surges After Reporting 64% Jump in Revenue, More Customers Using Cash App


“Its peer-to-peer Cash App, a competitor to PayPal’s Venmo, helped drive Square’s performance in the second quarter. Gross profit for the app rose 167% year-over-year to $281 million. Stored funds, or the amount of money customers keep on the app, jumped 86% from the prior quarter. The app had 30 million users as of June, up from 26 million at the end of last year, according to the company.”

June 24, 2020

On the wires

Square Announces On-Demand Delivery for Square Online Store Sellers

“Today Square announced the availability of On-Demand Delivery for Square Online Store. In this challenging new business environment, it’s more important than ever that sellers have access to the tools they need to sell online quickly, efficiently, and affordably. Now, with On-Demand Delivery , Square Online Store sellers can dispatch a courier through delivery partners for orders placed directly on their website.”

June 23, 2020

On the web

Square, Jack Dorsey’s Pay Service, Is Withholding Money Merchants Say They Need

The New York Times

“Thousands of small enterprises that use Square to process their credit card transactions — including plumbers, legal consultants and construction firms — have complained that the company recently began holding back 20 to 30 percent of the money they collected from customers. The withholdings came with little warning, they said, and Square asserted the right to hang on to the money for the next four months.”

June 15, 2020

On the wires

Welcoming the Verse Team to Cash App

“We’ve acquired Verse , a Spanish P2P payments app that allows customers to send and receive payments from friends and family instantly, safely, and free of charge. We were drawn to Verse’s strong team, and they share a similar approach to us around inventing and learning to better serve customers. Verse will join the Cash App organization at Square, enabling the two teams to learn from one another as we provide them with additional support through Cash App technology and resources.”

May 21, 2020

On the web

Square Unveils Bitcoin Auto Payments Tool


“Dorsey said on Twitter – that other company he runs – that Cash App had, from Monday, enabled automatic purchases of bitcoin at regular intervals, such as daily, weekly or fortnightly. Although there’s a minimum $10 purchase, the new feature provides users with the ability to gradually gain exposure to the original cryptocurrency without exposing themselves to too much volatility risk. “By spreading purchases out over time, you may minimize the impact of market swings,” Cash App tweeted.”

May 7, 2020

On the wires

How to Get Paid With Square Online Checkout

“That’s why we’re introducing Square Online Checkout, an online checkout link or button that allows you to accept payments without having to build an online store. Square Online Checkout quickly generates a checkout link or button for any of your goods, services, memberships, and more. Whether it’s your first product or your newest offering, you can post the link anywhere online — email, text message, an existing website, or your social media channels.”

April 13, 2020

On the web

PayPal, Intuit & Square approved to offer loans to small businesses through coronavirus relief program


“Fintech companies have been lobbying for weeks to be able to participate in the U.S. government’s emergency lending program for small businesses. Now those efforts have paid off, as PayPal, Intuit and Square have all been approved to participate in the U.S. Small Business Administration’s (SBA) Paycheck Protection Program , which provides aid in the form of forgivable loans for small businesses that keep all employees on their payroll for at least eight weeks. The $350 billion small business loan program is a part of Congress’s $2 trillion coronavirus stimulus package, and is aimed at those businesses with fewer than 500 employees. PayPal on Friday announced it had been”

April 8, 2020

On the web

Jack Dorsey creates $1B COVID-19 relief fund using Square equity


“Jack Dorsey announced in a series of tweets today that he is shifting $1 billion in his Square equity to create a fund dedicated to COVID-19 relief. The Twitter and Square CEO is calling the fund Start Small and posting a tally of disbursements and recipients in a public spreadsheet. Dorsey said in his announcement that the new initiative will shift the focus to other causes at some point, naming health and education for girls and universal basic income.”

March 19, 2020

Top Post

Square Gets Conditional Approval for Industrial Loan Charter


“Square Inc. announced late Wednesday that it had received conditional approval from the Federal Deposit Insurance Corporation to conduct deposit insurance related to an Industrial Loan Company (ILC) banking charter. The company also received approval from the Utah Department of Financial Institutions for this purpose. The approval grants Square the ability to operate a bank, Square Financial Services, that will be an independent direct subsidiary of the company. Its main objective will be to provide small-business loans for Square’s Capital lending business and to offer deposit products. The bank is expected to launch in 2021.”

February 27, 2020

On the web

Square Keeps Rolling Along

Wall Street Journal

“So the onus was on Square to show that growth wouldn’t again slip. And in the fourth quarter, as the company reported Wednesday after the close, it delivered. Year-over-year gross payment volume growth was 25%, the same as in the third quarter. This was despite the pricing changes implemented last fall that, on the whole, raised the amount the company makes from transactions.”

January 8, 2020

On the web

Square Raises Its Price for Instant and Same-Day Transfers to 1.5%

Digital Transactions

“In its latest pricing change, Square Inc. disclosed Tuesday that it will raise the cost of instant and same-day transfers from its merchants’ Square balances to their bank accounts to 1.5% per transfer from the previous rate of 1%. The change, announced on Square’s blog, took effect Tuesday for new users of the transfer service and will kick in Feb. 7 for existing users. Pricing for standard next-day transfers remains at zero.”

November 11, 2019

On the web

Square’s Cleanup Still Leaves Questions

Wall Street Journal

“Fast transaction growth isn’t everything to Square, which is generating increasing revenue from lending, subscription services and its consumer Cash App. But like many payments businesses, the company’s take rate, or how much of each transaction it takes as revenue, is gently declining, due in part to doing business with larger merchants that drive tougher pricing. So volume is still very important.”

November 7, 2019

On the web

A Fast-Growing Cash App Highlights How Square Leverages Its Consumer And Merchant Sides

Digital Transactions

“If Square Inc. has made one thing clear in recent months, it’s that the company is determined to tie together two worlds most payments companies see as distinct: consumers on the one hand, and merchants on the other. That strategy took another step forward last month with Square’s announcement that its Cash App service now allows users to buy fractional shares of stock with no brokerage fees. The new service joins other features of the 4-year-old payment app, including the ability to buy Bitcoin. Added versatility like this will make the app more valuable to users, a base that includes consumers but also Square sellers, Jack Dorsey, Square’s chief executive, told stock analysts Wednesday afternoon.”

October 25, 2019

On the web

Square’s Cash App Officially Adds Free Stock Trading, Starting at $1

The Verge

“Square announced today that you’ll soon be able to invest in stocks using its Cash App, and says you’ll be able to start investing with $1. That doesn’t mean you’ll be able to buy a full share of Apple for a buck, though — you’re going to be investing in a fraction of a share, however much that $1 will get you. This concept, fractional share trading, isn’t quite new — you can already do it with some other investment apps, such as Stockpile or Betterment . It’s even something you’ll be able to do if your money is managed by investment giant Charles Schwab, which said last week that it would introduce fractional share trading to help attract younger customers.”

September 24, 2019

On the web

September 5, 2019

On the web

Jack Dorsey: Mass Crypto Adoption Will Transform Square’s Business


“Rather than focusing on money transmission or payments, as at present, the firm will likely begin to develop services “like hardware, analytics and payroll and lending,” Dorsey said. Square integrated bitcoin in 2018, when its Cash App began selling the cryptocurrency to users. This service generated over $190 million in revenue over the first two quarters of this year, yielding shy of $3 million in gross profit.”

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