Date
24 May 2017
Square's CEO Jack Dorsey (L), pictured here with venture capitalist Aviv Nevo, will have to juggle his time as he also holds the top job at Twitter. Photo: Bloomberg
Square's CEO Jack Dorsey (L), pictured here with venture capitalist Aviv Nevo, will have to juggle his time as he also holds the top job at Twitter. Photo: Bloomberg

Mobile payments firm Square files for IPO; Dorsey role in focus

Square Inc., a San Francisco-based mobile payments startup, filed for an initial public offering on Wednesday, with a nominal fundraising target of US$275 million.

The deal is being watched closely as Square’s chief executive Jack Dorsey is also the co-founder and CEO of Twitter Inc.

Reuters noted that Square’s filing comes little more than a week after Twitter appointed Dorsey as its chief, sparking concern about how he will balance his two jobs.

“(The dual role) may at times adversely affect his ability to devote time, attention, and effort to Square,” Square admitted in its filing with the US Securities and Exchange Commission.

Square, founded in 2009, was valued at US$6 billion at its last funding round a year ago.

According to the report, the firm’s revenue grew 51 percent to US$560.6 million in the first half this year compared to the same period in 2014, while losses narrowed 2.2 percent to US$77.6 million.

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