Since we launched FinTech Insights, we have received many comments. We would like to thank you for your suggestions. Many of you want to know more about the key players in the FinTech sector, so we decided to talk about the unicorns in the FinTech sector.
The first unicorn we talk about is – Square, we are sure you all have heard about this name.
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Square
Square was established in 2009, it provides digital payment services and is one of the most rapidly growing FinTech companies in the US.
Square is co-founded by Jack Dorsey. If you don’t know him, he is the co-founder and former CEO of Twitter which is now the company of the richest man – Elon Musk.
Jack Dorsey - CEO and Co-founder of Square
He co-founded Square with Jim Mackelvey when he found out Jim was turned away from many sales because he was not set up to accept credit cards. They came up with the idea of a mobile credit card reader that could attach to smartphones. That gave birth to Square.
Today, in addition to the mobile credit card reader, Square has business coverage of POS, financing, eCommerce, payment, CRM, accounting and wealth management solutions. It provides a comprehensive service for all sizes of businesses as well as individuals.
Square Credit Card Reader
Square wealth management solutions provide a digital wallet that allows customers to invest in the stock market, bitcoins, saving and money transfers. The digital wallet is integrated with POS and commercial applications to provide a flexible arrangement for business owners to manage their personal wealth.
With the processing of vast transactions every day, Square big data analytics could evaluate the credit rating of each customer and provide or propose financing services to them.
In addition to software and hardware, Square also provide API for bespoke solution development. Axisoft Wealth Management Platform – COMPASS has integrated with Square API so our platform could support online payment and money transfers across multiple channels.
Square is building a unique ecosystem for sellers
The success of Square is not only contributed by its products but also by its holistic solution portfolio. With the core solutions of payment and POS, Square provides various supporting solutions to enhance customer stickiness. This ends up with an ecosystem for their customers and builds a very strong stickiness with them. This is also Square’s competitive edge over its rivals like paypal, venmo, shopify, etc.
On 10 December 2021, Square was renamed “Block”. According to Jack Dorsey, CEO of Block, the change shows that the company is building blocks that serve different functionality of businesses. The market believes that the change also shows Jack’s ambition in the Blockchain and Bitcoin.
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