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Square

Financial technology · Founded 2009 · San Francisco, California · Public

A small card reader that opened card payments to merchants banks had ignored.

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The story

Square was founded in 2009 by Jack Dorsey and Jim McKelvey. The idea grew from McKelvey losing a sale because he could not accept a credit card, which led to a small reader that plugged into a phone.

Square expanded from the reader into a broader set of payments and business tools, and later into consumer finance. The parent company was renamed Block in 2021.

Key compounding decisions
  1. 2009
    Serve merchants others would not
    Made card acceptance simple and cheap for very small sellers.
  2. 2021
    Rebrand the parent as Block
    Separated the Square seller brand from a wider set of businesses under a new parent name.
Frequently asked
Who founded Square? +
Square was founded in 2009 by Jack Dorsey and Jim McKelvey.
Why was Square renamed Block? +
The parent company took the name Block in 2021 to distinguish it from the Square seller brand and its other businesses.

Compounded is a documentary series produced by Agate Street Studios. Company profiles summarize public record for editorial context and may be updated. This is not investment advice.

Notes from Andrew

The thinking that didn’t make the final cut.

Key takeaways and the research behind each company, sent the morning each episode drops.

Netflix
S01 · E01 · COMPOUNDED
8:24
24:18