Mobile payment provider Square is going public. The company, led by co-founder and Twitter CEO Jack Dorsey, filed for its initial public offering and plans to be listed on the New York Stock Exchange under the symbol “SQ”.
Square enables merchants to process card payments on smartphones and tablets, offering both the hardware and the software necessary to do so. In 2014, the company processed payments worth $23.8 billion, generating revenue of $850 million. As many other companies in the late startup stage, Square has yet to become profitable, having posted a net loss of $154 million in 2014.