Jack Dorsey is about to get even busier. The mobile payments company noted in its prospectus that his dual roles "may at times adversely affect his ability to devote time, attention and effort to Square". The company is part of the growing number of fintech companies valued at over a billion dollars.
Founded in 2009, Square aimed to reinvent payment processing for small and midsize businesses by freely distributing a small, square-shaped piece of hardware. That hardware, used by millions of sellers, processes credit card transactions for business owners. “We believe sellers should be able to accept any type of payment, from cash to cards, Apple Pay to Bitcoin, and whatever the future may bring, so they never miss a sale,” Mr. Dorsey said in a note to investors filed with the prospectus.