Square Inc. will eventually be a publicly traded company and could conduct an initial public offering this year if it wanted to, its former chief operating officer said.
“It will be a public company, the only question is when is the right opportunity to take advantage of that,” Keith Rabois, who was COO of Square from 2010 to 2013 and is now a partner at one of its venture-capital backers, said in an interview on Bloomberg Television. “Square should be a $20 to $30 billion company eventually.”
Twitter Inc. announced yesterday that co-founder Jack Dorsey would return to the microblogging site as interim chief executive officer. That puts him in charge of both Twitter and Square, the mobile-payments startup he founded six years ago.
Rabois is now a partner at Khosla Ventures, a venture capital firm that invested in Square’s first funding round.
Square isn’t interested in selling itself, Rabois said. The company is growing “incredibly fast,” and has margins that are five times greater than Amazon Inc.’s, he said.
A spokesman for San Francisco-based Square declined to comment on whether or not the company is preparing for an IPO. Forbes earlier reported that Square is preparing a filing for an IPO, citing sources it didn’t identify.