There has been numerous rumors that states the Square, the company known for allowing users to process credit cards using a small reader connected to a mobile phone running on iOS or Android, might be acquired by another company. According to the rumors in circulation, Google might be the company planning to acquire the mobile payment platform.
Shortly after the rumors started, Square was quick to shoot the rumors down saying, “We are not, nor have we ever been in acquisition talks with Google.” Even though no major talks has taken place between both companies, sources from the Wall Street Journal claim that Square is considering a possible sale to Google or other larger payment companies like PayPal.
Reports states that Square lost $100 million last year, and the company has spent more than half of the $340 million which was raised from venture capital firms. It’s plans of pursuing an IPO has been placed on the back burner, selling might be the best bet to grow the business and make it profitable.
[Source: Wall Street Journal]