Square
Square is a financial technology company founded in 2009 by Jim McKelvey and Jack Dorsey. It started with a tiny card reader that turned smartphones into payment terminals and grew into a multibillion-dollar ecosystem. Rebranded as Block, Inc. in 2021.
The Story
Square was born from a single, frustrating moment: Jim McKelvey couldn't complete a $2,000 glass art sale because the buyer wanted to pay with American Express and his studio only accepted Visa and MasterCard. Standing in his St. Louis studio with an iPhone, he realized the most powerful computer in people's pockets could not read a credit card.
That gap became an obsession, and within months he and his former intern Jack Dorsey had designed a small, square card reader that plugged into a phone's audio jack. What started as a hardware hack soon forced Square to build an entire financial stack — bank partnerships, money-transmitter licenses in every state, fraud systems, and merchant dashboards — because the existing payment infrastructure was designed to keep outsiders out.
By 2015 the company had gone public on the NYSE under the ticker SQ, and by 2021 it rebranded as Block, Inc. to reflect a portfolio that now includes Cash App, Square Point of Sale, and Afterpay. Today Block serves millions of sellers and handles hundreds of billions in annual payments, all tracing back to a lost $2,000 sale and a belief that the incumbents could be outworked, not just outmaneuvered.
Key Facts & Metrics
Products & Services
Square Point of Sale
A free, unified point-of-sale app that turns any iOS or Android device into a full checkout system for retail, restaurants, and service businesses.
Company Timeline
2009 — Square founded in St. Louis
Jack Dorsey and Jim McKelvey founded Square, Inc. in February 2009, initially operating out of a small St. Louis office.
2010 — First Square Reader launched
Square released its first card reader, which plugged into a smartphone's audio jack and turned any mobile device into a payment terminal.
2011 — Card reader inducted into MoMA
The iconic Square card reader design was added to the Museum of Modern Art's permanent collection.
2014 — Square Capital launched
Introduced Square Capital to provide small-business funding, expanding beyond payments into lending.
2015 — NYSE IPO under ticker SQ
Square went public on the New York Stock Exchange in November 2015, opening at $9 per share.
2021 — Rebranded as Block, Inc.
Square, Inc. changed its name to Block, Inc. to reflect its broader focus beyond the original Square payment product.
2022 — Acquired Afterpay for $29 billion
Block completed its $29 billion acquisition of Afterpay, entering the buy-now-pay-later market.
