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Square reportedly in talks with Google, Apple for possible sale; running low on cash

The mobile payment company has consumed more than half of the $340 million it raised over the last four years through equity fundraising.

By Ananth Baliga
Square started off providing a card reader that attached to mobile devices, but now offers a digital cash register service and the ability to send cash to friends and family. (Credit: Square)
Square started off providing a card reader that attached to mobile devices, but now offers a digital cash register service and the ability to send cash to friends and family. (Credit: Square)

SAN FRANCISCO, April 21 (UPI) -- Mobile payment company Square might be looking for a buyer after losing $100 million in 2013 and with cash flow running low, according to reports.

Square could be looking for a deep-pocketed buyer and has reportedly had meetings with a couple of major tech companies. Google discussed the possibility of acquiring Square earlier this year, which followed a meeting by the two companies in 2012, according to two people familiar with the matter. It is uncertain if talks are continuing currently.

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Other companies like Apple and Ebay's PayPal have also been in talks with Square, but according to sources those meetings never developed into serious talks.

A spokesman for Square said, “We are not, nor have we ever been in acquisition talks with Google.”

“We did not have acquisition talks with Square,” said a spokesperson for PayPal.

Square started out providing hardware to make payments using a smartphone, but has diversified into a broader electronic commerce company, providing a digital cash register service and the ability for users to send cash to friends and family. Square processes billions of dollars in transactions each year.

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Despite its success, Square had a $100 million loss last year, which was more than 2012. In the past three years the company has reportedly eaten through more than half of the $340 million it raised during four rounds of equity financing since 2009.

[MarketWatch] [CNET]

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