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June 13, 2012 at 13:47 PM EDT
On track to process $6B in payments, Square hires new CFO
Square, the mobile payment company founded by Twitter founder Jack Dorsey, announced Wednesday that it's hired a chief financial operator and is processing more than $6 billion in payments, demonstrating impressive growth for a company just launched in 2010.
Square, the mobile payment company founded by Twitter founder Jack Dorsey, announced in a press release on Wednesday that it has hired a chief financial officer amid strong growth over the past six months. The company is now processing payments at a rate of more than $6 billion in payments a year.
Square has hired Sarah Friar, who was formerly the senior vice president of finance and strategy at Salesforce.com, to lead its financial operations as the company makes a push to expand in international markets. The company also announced that it has grown from 80 employees last year to 300 employees this year.
GigaOM reported in April that Square had reached a $5 billion annualized rate for processed transactions, and the company hit $4 billion only a month before that. The company allows sellers to accept mobile payments via credit cards and mobile apps, and has found success among small merchants and business owners.
By comparison, PayPal expects to do $7 billion in mobile-payment processing this year, although it has also seen its mobile sales predictions rise rapidly over the past year.
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