Square now processing $10 billion in payments annually
15th Nov 2012 | 01:03
Mobile processing startup's milestone doesn't include Starbucks yet
Square, the mobile payments startup founded by Jack Dorsey, is now processing $10 billion in payments annually.
Since Dorsey is also the co-founder of Twitter, the announcement of this milestone came not from a press release, but from a tweet.
"Today we're processing $10 billion in payments annually, an amazing and humbling milestone," said Square, Inc. on Twitter.
Rounding out the 140 character limit, the company credited its users, saying, "To the small businesses growing with Square, thank you."
Square spokeswoman Faryl Ury added to that small business-focused sentiment.
"We've seen growth across the board," Ury told TechRadar, "from small food trucks and coffee shops, to retail stores and larger brick and mortar merchants."
A jolt expected from Starbucks
While Square may have a growing user base of small and medium-sized businesses, it's about to add a much larger client with 7,000 national stores: Starbucks.
Starbucks is scheduled to start accepting the Square Wallet this month following the coffeehouse chain's $25 million investment in the startup.
However, the company remains the mobile payments leader.
Two months ago, Square reached $8 billion payments processed annually. With the impending addition of Starbucks, the "humbling milestone" tweets should keep on coming.