Square Said to File Confidentially for Initial Offering

The Verge notes that “some ventures, like its Wallet app, haven’t been as successful as Square hoped”, as well as Jack Dorsey’s future with the company is uncertain.

Square, the mobile-payments company founded by tech entrepreneur and CEO Jack Dorsey, has filed confidentially for an initial public offering, Bloomberg News reported Friday, citing people with knowledge of the matter. A person familiar with Square’s plans told FORBES that the company plans to begin trading in the fall.

The news, first reported by Bloomberg News, confirms a story last month from FORBES, which noted that the San Francisco-based company would go public this year according to sources.

Square spokesman Aaron Zamost declined to comment.

Dorsey, who also founded Twitter, was named that company’s interim CEO in June after Dick Costolo said he planned to step down. Twitter’s board of directors is searching for a permanent CEO, and some tech industry experts have speculated – and Dorsey has not denied – that he wants the Twitter gig permanently. Regarding the payroll services, Square released the service in June for Californian merchants, with expansion into other states in the near future. “We have built a very strong company from top to bottom, and I am as committed as ever to its continued success”.

It also announced a $25 million funding round back in May to raise cash for its Square Capital business lending program.

These services include lending loans and payroll processing.

Square makes card readers to process payments on mobile devices, as well as a host of payments-processing and money-management hardware and software for small businesses.