updated 08:40 pm EDT, Fri April 29, 2011
Square doubles payment rate to 2m in two months
Square was known to have landed another coup on Friday after founder Jack Dorsey posted details of the company's metrics. The company is now known to have shipped 341,688 of the reader to Android and iOS users, 332,483 of which were still active. Transactions swiped by the readers were also hitting $2 million per day, or twice as much money as the company had been processing as recently as March 2.
The startup has handled $136.94 million transactions over its lifetime, making Friday alone about 1.5 percent of what was processed so far.
Dorsey made no mention of why the surge came about. However, Square just last week made a deal with Apple for its readers to sell in US Apple stores. Its agreement will have not only widened exposure to Square but given those already interested a way of getting a reader without having to wait for it to ship.
Performance is only likely to grow, both through the widened access as well as through an official blessing. An investment from Visa as well as advisors from Visa and JPMorgan will likely give it better marketing as well as a fast track for major deals.