Square hits $10 billion in annual payments processed
Just two months after hitting $8 billion in annualized transactions, and seven months after hitting $5 billion, the company has made it to 11 figures.
Mobile-payments startup Square said today that it is now processing $10 billion in transactions a year.
That's a major milestone for a company that announced just seven months ago that it had hit $5 billion in annualized transactions, and two months ago that it had passed the $8 billion mark. In October, 2011, the number was $2 billion.
Founded by Twitter co-founder Jack Dorsey, San Francisco-based Square has become a leader in the mobile-payments space, growing to the point that last week, Starbucksinto the coffee giant's 7,000 U.S. stores.
In a tweet this morning, Square wrote, "Today we're processing $10B in payments annually, an amazing and humbling milestone. To the small businesses growing with Square, thank you."
Today we're processing $10B in payments annually, an amazing and humbling milestone. To the small businesses growing with Square, thank you.— Square, Inc. (@Square) November 14, 2012