Square, the mobile credit card processing company is currently going through financial difficulties, is on the lookout for someone to fork out enough money to take over the company. In fact, it seems as though Square has already been talking to a number of firms, at least according to a report in the WSJ. Earlier this year, one of the companies that certainly had the financial means to pick up Square, Google, did express an interest in Square, but there were no talks of a buy-out.
Square’s credit card readers will actually hook up to the earphone jack on Android and iOS powered smartphones and tablets, enables users to accept credit cards as well as debit cards located outside of a store or office. Once a card is swiped, Square would then start to process the transaction, it will send back a confirmation number, apart from arranging to have the funds deposited with the vendor’s bank.
Sources familiar with Square’s financials touted that the company had bled $100 million in 2013, and since 2009, the company has already raised $340 million from different funding rounds, with more than half of that money allegedly used up already. Who do you think will eventually pick up Square? Have you made use of Square’s services before?