History of Square
Square, founded in 2009 by Jack Dorsey and Jim McKelvey, revolutionized the way small businesses accept payments. The company's flagship product, a small, portable card reader, allowed merchants to accept credit card payments through a mobile device, empowering businesses of all sizes, especially those without access to traditional point-of-sale systems. Square's innovation stemmed from its ability to offer an easy-to-use, affordable solution that eliminated the barriers typically associated with accepting card payments.
As the company grew, Square expanded its services beyond payment processing to include a wide range of tools for businesses, such as payroll services, invoicing, and business loans. Square's commitment to simplifying business operations earned it a strong reputation, and its product offerings began to attract larger companies and international markets. The company's unique approach to financial technology, focusing on empowering entrepreneurs and small businesses, became a hallmark of its success.
Square's journey took another significant turn in 2021, when it rebranded itself as Block, reflecting its broader ambitions in blockchain technology and decentralized finance. This shift marked the company's continued evolution as it sought to build a global ecosystem of financial services, including Bitcoin and cryptocurrency-related initiatives. Despite the name change, Square's legacy as a trailblazer in digital payments and small business services remains at the core of Block's mission.