Square was founded in 2009 and went public in November 2016. Currently, the company is present in the US, Canada, Japan and Australia, and facilitates payments between customers and businesses via a credit card reader that turns any mobile phone into a payment terminal.
Squareup Europe was incorporated in June 2016 at an address in central London, documents from Britains Companies House registry showed. Squareup Europe was previously operating as Integrated Business Support UK. The name was changed in May 2016 to Squareup (UK) and then again two weeks later to Squareup Europe. In May 2016, Square raised its annual adjusted revenue projection for 2016 to USD 615 million- USD 635 million from USD 600 million- USD 620 million.
The company has permission to provide payment services such as transactions with or without credit lines in Britain, according to Britains Financial Conduct Authoritys website. Squareup Europe is also entitled to provide similar services in the European Economic Area (EEA) - European Union member states and three other countries including Norway - although the future of this arrangement for British-based firms is unclear following the countrys vote to leave the EU, according to uk.reuters.com.
Square began beta testing of its payments system in London in June 2016 to prepare for an initial launch in Britain, the site continues.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now