Square founder Jack Dorsey insists that the payments startup has never been in acquisition talks and is not planning an IPO.
In an interview with the New York Times, Dorsey explained away persistent rumours that Square was interested in selling to Apple, PayPal, or some other big player:
First and foremost, we have never been in any talks about an acquisition with anybody for our nearly six years as an idea and over five years as a company. That has never occurred. Second, we have never had any plans of any substance about an I.P.O. We’ve had no plans to engage the market and investors, no plans on when. We believe right now that being a private company is best for us.
He also reiterated that Square is planning to work with NFC payments, like Apple Pay, and said that the company could turn profitable simply by ramping down its investments in growth.
Square reportedly raised a new round of $US150 million at a $US6 billion valuation in October, but the company has faced lots of new competition in payments from giants like Amazon and Apple, and reports that it lost $US100 million last year.