15 Mar

Square Co-Founder Dies as Company Turns Ten Years Old

WRITTEN BY Ruchi Gupta

Death coincides with Square’s anniversary

One of Square’s (SQ) founding talents died last month, according to CNBC. Tristan O’Tierney, 35, died in the month Square marked its tenth birthday. Square was founded in February 2009, initially specializing in building credit card readers for small businesses. O’Tierney was involved in creating Square’s first app for iPhones and iPads.

O’Tierney helped set Square on solid ground. In the fourth quarter, Square’s adjusted revenue rose 64% YoY (year-over-year), and its net revenue rose 51% YoY. That revenue growth was faster than the 13% reported by PayPal (PYPL) and 20% reported by Amazon (AMZN) in the same period. Meanwhile, revenue rose 2.0% YoY at Fiserv (FISV) but fell 24% YoY at First Data (FDC).

Square Co-Founder Dies as Company Turns Ten Years Old

Square now more diversified

Square expects its growth to continue this year, and has guided for revenue growth of ~55% this quarter. Square has said it wants to focus on broadening its range of financial services this year and expanding in its current international markets. The company operates in four countries outside the United States.

In recent years, Square has greatly diversified from its roots as a maker of payment card readers. The company has ventured into lending, where it extends loans to small businesses and consumers. Last year, Square secured a contract to extend loans to eBay (EBAY) sellers.

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