Twitter Founder Jack Dorsey Announces Latest Venture

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Payment device attached to an iPhone for swiping cards

Twitter founder Jack Dorsey announced his latest venture, a company called Square. As an attempt to solve many of the key issues associated with accepting online payments, Square promises a refreshingly simple system for cutting through the red tape.

In February 2009, Jim McKelvey wasn’t able to sell a piece of his glass artbecause he couldn’t accept a credit card as payment. Even though a majority of payments has moved to plastic cards, accepting payments from cards is still difficult, requiring long applications, expensive hardware, and an overly complex experience. Square was born a few days later right next to the old San Francisco US Mint.
Today the Square team is focused on bringing immediacy, transparency, and approachability to the world of payments: an inherently social interaction each of us participates in daily. We’re starting with a limited beta and rolling out to everyone in early 2010.
Square is backed by Khosla Ventures and a team of angels.
Square, Inc. has offices in San Francisco (Product & Engineering), Saint Louis (Operations), and New York City (Risk & Partnerships).

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