Square Acquires Evenly

Square announced it's acquiring Evenly ,a startup that helps users send or collect money from friends, to help it become stronger in the payment processing sphere.

Square wrote about the deal on its blog Wednesday, and and the company also mentioned that it would be working on new "seller initiatives," according to The Next Web. Evenly said in a statement that it would be shutting down in early 2014.

Frequently, Evenly was used to split up lunch tabs or paying back loans from friends.

The acquisition is likely to strengthen Square Cash, another Square product where users don't need a Square reader but instead send emails to pay each other.

This email-based payment is similar to PayPal, one of Square's biggest rivals in the electronic payment business.

By adding this more friendly and casual payment system, it's likely that Square may find more interest in Square Cash.

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