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Square readying IPO prepares to hit the road for Thanksgiving pricing
Square is ready to hit the road. According to unnamed sources at CNBC, the payment app founded by Twitter CEO Jack Dorsey is revving up to price its shares by Thanksgiving week.
In a filing with the SEC, Square has said it hopes to raise $275 million. The company raised money last year at a valuation of $6 billion.
Square is a favorite among payments mavens and it is ubiquitous among small merchants. But just how it makes money is unclear. It seemed destined for greatness when Starbucks forged a deal with the fledgling company about three years ago. Turns out, Starbucks is a better negotiator than Square, which never got much customer traction for its wallet. Investors are also concerned about just how much attention Dorsey will be paying to the payments company, which is in a very crowded space.