Mobile payment provider Square has filed for an initial public offering, according to Bloomberg. The July 24 report is based on "people with knowledge of the matter."
Square, which was founded in 2009 by Twitter co-founder and current interim CEO Jack Dorsey, is best known for its mobile credit card reader, which helped the company process $30 billion in payments in 2014. The company also recently announced plans to bring its payroll processing service nationwide and unveiled a new device that allows merchants to process purchases made with Apple Pay—all of which would make them well poised to attract potential investors.
Square declined to comment on the report.
Businesses with less than $1 billion in revenue can confidentially file to go public as part of the Jumpstart Our Business Startups Act. Twitter used the same law to file confidentially in 2013.
The timing of the IPO is still unclear, though Forbes reported last month that the "plan" was for it to take place this year.
Rival payment firm PayPal spun off from former parent company eBay on July 20, and is already worth more than its former parent ($45 billion vs. $34 billion).