Square, the financial services company that today constitutes the ‘side project’ created in 2009 by Jack Dorsey, the CEO of Twitter, has just completed his first acquisition of a European startup. And she has turned out to be a Spanish.
The chosen one was Verse, the company founded in Barcelona in 2015, which develops the eponymous payment app and that it is directed by the Salamanca entrepreneur Bernardo Hernández, who was the director of Flickr at the time and, before that, Google’s product director.
From 5 to 37 countries with a single purchase
Hernández, one of the company’s first investors, took charge of it after the departure of the management team, which, in turn, had separated the three founders from Verse’s daily management due to “failure to meet growth objectives”.
The app, which currently totals 40 employees, one million users and 500 million euros transacted, has had a European payments license for a year, during which time it has managed to maintain the rate with Bizum (the leading platform in Spain for immediate mobile payments) and show a good level of growth in neighboring countries such as Italy, France and Portugal .
Now, Verse team will join the Cash App team (Square’s payment app) “so they can both learn from each other.” However, for now they will continue to operate from their respective offices and with their respective brands.
“Our top priority is to allow Verse to continue to grow successfully in Europe.”
With this acquisition (the value of which has not been disclosed, although according to The Information it would be below 50 million euros), Dorsey’s company manages to expand from 5 to 37 the list of countries in which it offers its servicesYes, because until now it only did it in the US, the UK, Canada, Australia and Japan … but the purchase of Verse allows it to add to those countries all the members of the Eurozone.
For its part, Verse can achieve a significant injection of resources (and some of the services that the Cash App already offers in the US) by adding Square’s financial and technological capacity.
Spanish payment startup Verse, acquired by Square, the ‘fintech’ company of the Twitter CEO