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Square now processing $10 billion in payments annually

Square
Jack Dorsey can do the Dr. Evil impression 10 times over

Square, the mobile payments startup founded by Jack Dorsey, is now processing $10 billion in payments annually.

Since Dorsey is also the co-founder of Twitter, the announcement of this milestone came not from a press release, but from a tweet.

Read more: Square

"Today we're processing $10 billion in payments annually, an amazing and humbling milestone," said Square, Inc. on Twitter.

Rounding out the 140 character limit, the company credited its users, saying, "To the small businesses growing with Square, thank you."

Square talks

Square spokeswoman Faryl Ury added to that small business-focused sentiment.

"We've seen growth across the board," Ury told TechRadar, "from small food trucks and coffee shops, to retail stores and larger brick and mortar merchants."

A jolt expected from Starbucks

While Square may have a growing user base of small and medium-sized businesses, it's about to add a much larger client with 7,000 national stores: Starbucks.

Starbucks is scheduled to start accepting the Square Wallet this month following the coffeehouse chain's $25 million investment in the startup.

Square faces growing competition from PayPal Here, Intuit GoPayment and Groupon Payments, all of which offer slightly more affordable transaction fees.

However, the company remains the mobile payments leader.

Two months ago, Square reached $8 billion payments processed annually. With the impending addition of Starbucks, the "humbling milestone" tweets should keep on coming.

Matt Swider

US Editor-in-Chief

Matt Swider is TechRadar's gadget-savvy, globe-trotting US Editor-in-Chief Editor who leads the US team in New York City. He began his tech journalism career all the way back in 1999 at the ripe at of 14, and first started writing for TechRadar in 2012. He's tested over 1,000 phones, tablets and wearables and commands a Twitter account of 600,000+ followers. Matt received his journalism degree from Penn State University and is never seen without his TechRadar headphones.