Jack Dorsey’s Square Reportedly Files For IPO

1 minute read

Square has reportedly filed for an IPO, people familiar with the matter told Bloomberg.

The mobile-payments company, which was founded by Twitter’s interim CEO Jack Dorsey, did so confidentially, according to the publication.

Square declined to comment to Fortune.

In May, Fortune reported that Square started raising more money for small business loans.

Square processed $30 billion in payments last year, according to Bloomberg. Per the publication:

Under the Jumpstart Our Business Startups Act, companies with less than $1 billion in revenue can file for an IPO with the U.S. Securities and Exchange Commission privately and work out the details with the SEC outside the public eye.

More Must-Reads From TIME

Contact us at letters@time.com