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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.

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Daniel Terdiman Former Senior Writer / News
Daniel Terdiman is a senior writer at CNET News covering Twitter, Net culture, and everything in between.
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Daniel Terdiman
A merchant accepting Square's mobile payments lets potential buyers know that at an antiques fair in Alameda, Calif. James Martin/CNET

Mobile-payments startup Square said today that it is now processing $10 billion in transactions a year.

Twitter and Square founder Jack Dorsey at TechCrunch Disrupt in San Francisco in September. Daniel Terdiman/CNET

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, Starbucks integrated its service into 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."