Square taps former Activision executive
This month, Square (SQ) named Amrita Ahuja as its new CFO, filling the position that became vacant following the departure of Sarah Friar. After serving as Square’s CFO for six years, Friar announced last October that she would be leaving the company.
Becoming a one-stop-shop for financial services
Square is banking on Ahuja to balance opportunities and strengthen its discipline as it invests and grows. The company aims to be a one-stop-shop for financial services for merchants and consumers.
Having started as a seller of payment card readers, Square expanded its business to include restaurant meal delivery and credit services. Last year, Square expanded its credit business to include consumer lending, thereby opening another competitive frontier with PayPal (PYPL) and Google (GOOGL). PayPal sold its US consumer lending operations but retained its international consumer lending business. Google introduced a consumer lending service in India last year through its Tez mobile payment app. Square processed $22.5 billion in payments in last year’s third quarter.