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Square Hits 2 Million Users

Sites include . Published on July 1st, 2012. Written by Anthony West.

Mobile payments platform Square is continuing its relentless march to dominance and nothing it seems can stand in its way—not even a struggling economy.

The platform now has more than 2 million users, a massive jump on its last usage stats 6 months ago when founder Jack Dorsey (formerly of Twitter) announced that the platform had surpassed the 1 million user mark.

It’s not just users that have almost doubled; Square is now processing $6 billion worth of payments. And to put this into perspective, the company had set the modest bar of $1 billion in payments as a target a year ago. Fortune has smiled on Dorsey and crew and Square has done 6 times better than planned.

Dorsey won’t be the only party happy about Square’s performance either. Since launch over $138 million has been pumped into the start-up and many are whispering valuations north of $4 billion. On the strength of user growth and the amount of money being handled who can blame them? Perhaps this is one case where a multi-billion dollar valuation is justified.

Square of course will have to hold off big competition like PayPal which has its own offering in the space. Aside from that though, it’s been pretty good going for the company and it is definitely one to watch in the coming months.

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