Square Announces IPO, Reports $561 Million in Half-Year Revenue 

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Square, the online payment processor created by Twitter co-founder Jack Dorsey, has filed for its Initial Public Offering.

The company also revealed its financial numbers in its recent S1 filing.

For the first half of this year, revenue was $560.6 million, on top of a $77.6 million loss. Revenue for 2014 was $850.2 million, up from 2013’s $552.4 million, while losses reached $154.1 million last year, over the previous year’s $104.5 million.

Dorsey, who was named CEO of Twitter last week, wrote in the filing: “As a public company our decisions will continue to reflect what we’ve done as a private one — we put our customers first. That means constantly asking the question: How can the financial system better serve people?”

San Francisco-based Square seeks to replace traditional point-of-sale systems with tablets. It is attractive for small businesses and startups due to its focus on offering a free credit card reader upfront. The company also offers a variety of step-up services that payment processors historically have not offered.

Square, founded in 2009, is named for the devices it provides clients. A free Square Magstripe Reader, which works with iPhones, iPads and Android devices, is sent to those who sign up. The device processes credit cards, charging a per-transaction fee.

Square offers a variety of point-of-sale kits designed for different businesses, including bakeries and salons. Its spectrum of services includes accepting credit cards and tracking inventory, as well as real-time analytics and invoicing. The company also offers financial and marketing services, in addition to small business financing.

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