Square Doubles Its User Base

San Francisco startup now has two million customers.

By Sajid Farooq
|  Thursday, Jun 14, 2012  |  Updated 10:46 AM PDT
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Square Doubles Its User Base

Square says it now has two million people using its services.

A day after Square announced the hiring of a former Goldman Sachs and Salesforce.com executive its CFO, the San Francisco startup announced that it now has two million business using its service.

The mobile payment company said Thursday that it has doubled the amount of individuals and businesses that can process credit cards using its plug in device and mobile apps in the last six months.

"Anyone can start & grow a business: 2 million+ @Square users are proof," Square co-founder and CEO Jack Dorsey said in a tweet. "We can fix this economy ourselves, with simple tools we already own."

The startup charges users 2.75 percent per credit card swipe to use its service and it makes the funds available to merchants within 24 hours.

The company has been growing like a weed over the past year. Since 2011, Square has grown from 80 employees to over 300 and it expects to grow to 500 employees in the near future.

The 3-year-old company is expecting to process $6 billion in transaction this year and it is also reportedly looking to raise $250 million for a $4-billion valuation by year's end.

Wednesday Square announced that it hired Sarah Friar as the company's new chief financial officer.

Friar was most recently the senior vice president, finance and strategy, for Mark Benioff's enterprise cloud-computing company Salesforce.com.
 

The move was seen as one to help the company expand its business overseas and as a possible precursor to an eventual IPO.

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