News About Banking Industry

Square expected to price IPO shares after bell

Mobile payments service Square is expected to set a price of shares of its initial public offering after the markets close Wednesday, a potential test for Wall Street’s interest in the tech “unicorn.” Square set a price range of $11 to $13, which could value the company as much as $4.2 billion. Square was co-founded by CEO Jack Dorsey, who also runs the social network Twitter.

Since launching six years ago, Square faces an increasingly competitive market in digital payments, including big names such as PayPal. Square offers a digital payment platform for businesses as well as Square Cash, a mobile app allowing users to send money to friends through their smartphone.

According to Square’s IPO filing with the Securities and Exchange Commission, the company lost $154.1 million last year, up from $104.5 million in 2013. Revenue grew from $552.4 million in 2013 to$850.2 million last year.