Has Square made any money yet, enough to put even a dent in their $169M funding? Trotting out companies that haven't validated their product with the public and haven't made much money seems like something that would happen in a bubble, not a boom.
I don't think they have publically announced anything. TechCrunch reported 1M$ in mobile transactions per day [1] which they didn't deny. If they were a 1% transaction fee business that would be $10K/day in revenue, $300K/month. At 2% that would be $600K/month.
Having seen first hand with the hassle of what it was like to take payments before them I understand their value proposition better than I did the one for pets.com (and I do have a dog so presumably was in the pets.com target market)
Of course the whole NFC thing could crimp Square's growth but that is more along the lines of yet-another-disruptive-payment scheme rather than the old system was good enough.
Comments
Has Square made any money yet, enough to put even a dent in their $169M funding? Trotting out companies that haven't validated their product with the public and haven't made much money seems like something that would happen in a bubble, not a boom.
I don't think they have publically announced anything. TechCrunch reported 1M$ in mobile transactions per day [1] which they didn't deny. If they were a 1% transaction fee business that would be $10K/day in revenue, $300K/month. At 2% that would be $600K/month.
Having seen first hand with the hassle of what it was like to take payments before them I understand their value proposition better than I did the one for pets.com (and I do have a dog so presumably was in the pets.com target market)
Of course the whole NFC thing could crimp Square's growth but that is more along the lines of yet-another-disruptive-payment scheme rather than the old system was good enough.
[1] http://techcrunch.com/2011/03/02/square-now-processing-1-mil...