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This article was published on November 14, 2012


    Square now processing $10bn in payments annually, an increase of $2bn in two months

    Square now processing $10bn in payments annually, an increase of $2bn in two months
    Matthew Panzarino
    Story by

    Matthew Panzarino

    Matthew Panzarino was Managing Editor at TNW. He's no longer with the company, but you can follow him on Twitter. Matthew Panzarino was Managing Editor at TNW. He's no longer with the company, but you can follow him on Twitter.

    Online payment processing and register company Square has announced today that it is processing $10 billion in payments annually. That marks an increase in $2bn in just two months, as it announced in September that it had passed the $8bn mark.

    “Today we’re processing $10B in payments annually, an amazing and humbling milestone. To the small businesses growing with Square, thank you,” said the company in a statement on Twitter.

    Square announced in September that it had closed a $200M round from Citi Ventures, Rizvi Traverse Management and Starbucks. Starbucks had announced a partnership with its investment in August in which it would begin processing all credit card payments in its 7,000 stores in the US through Square.

    That Starbucks payment deal just rolled out in early November, and did not contribute to this number, so expect to see another increase shortly.

    More than 2 million customers a week use Square or Starbucks own app to buy their coffee. Another factor could have been its addition of Canada as its first country outside of the US.