Verse: Spanish mobile payments start-up acquires Square

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BY : Diego GutiérrezSeptember Tue, 2020

Seethe Spanish mobile payments startup, has been acquired by Squarethe Fintech of Jack Dorsey, founder of the social network Twitter.  

The price of the transaction has not been disclosed. Market sources say it could be between 30 and 50 million euros. 

Verse, the successful startup of mobile payments

Verse is a company founded in Barcelona in 2015, which develops the eponymous payment app and is led by the Salamanca entrepreneur Bernardo Hernández,who was at the time the director of Flickrand, before that, product manager at Google.  

Verse: Spanish mobile payments start-up acquires Square

The app, which currently has 40 employees, one million users and 500 million euros in transactions, has had a European payments licence for the past year, during which time it has managed to hold its own against Bizum (Spain's leading platform for immediate mobile payments) and show a good level of growth in neighbouring countries such as Italy, France and Portugal. 

Verse's success since its inception has been, in part, thanks to the large number of investors that have supported it, such as, for example, as Greycroft PartnersVAS Venture and Spark, as well as business angels such as Nikesh Arora, Alan, David Stern, Jonathan Winer and Charlie Songhurst. 

Earlier this year it announced plans to launch its own digital debit card. 

The operation 

The procurementThe Cash App, a joint venture of Cash App, theappSquare's payment system is the company's first in Europe, and represents, de facto, its entry into the Eurozone, as the company only operates on this side of the Atlantic in the United Kingdom. Thanks to the operation, the US company has increased the list of countries in which it offers its services from 5 to 37. 

According to a statement released by Square, its top priority is to enable Verse to continue its successful growth in Europe.For that reason, the startup will continue to operate as a standalone business, working from its offices with no immediate changes to its existing products, customers or business operations. 

The growth will be possible thanks to the significant injection of resources that Verse will experience by adding the financial and technological capacity of Square, in addition to the services that Cash App already offers in the US.  

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