Jack Dorsey is best known for co-founding Twitter, the micro-posting website that now has around 330 million users around the world. In 2009, the computer programmer also co-founded Square, which was originally designed to help small businesses accept credit cards.
Dorsey’s other San Francisco-based startup, known for its plastic card-reader dongle, has widened its footprint over the years. More than 15 million people use Square’s Cash App for peer-to-peer payments, and its lending business made more than $500 million in loans in the first three months of 2019. The company launched in the UK two years ago and has offered bitcoin trading since January 2018.
Square has had great timing: investors have been eagerly buying payment company stocks, encouraged by the mega-shift toward online commerce and electronic transactions. Square has also had missteps: the Wall Street Journal reported this month that the company inadvertently sent some users’ email receipts to the wrong people.