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June 29, 2011, 12:08 pm Venture Capital
Unprofitable Square Valued at $1.6 Billion

Square Now Valued at $1.6 Billion, Despite Lack of Profits - NYTimes.com

Square, the fast-growing mobile payments company, does not suffer from a lack of buzz.

Helmed by Jack Dorsey, one of the founders of Twitter, it is garnering significant attention for its bite-size credit card reader, which facilitates payments on mobile devices. The company, based in San Francisco, processes almost $4 million in transactions a day for individuals and small businesses like limousine drivers and beauty salons. Itís also attracting capital from the largest investment firms in Silicon Valley.