A Wall Street Journal report said payment startup Square Inc was considering an IPO. Citing a source familiar with the situation, the WSJ said the company Co-Founder and Head Jack Dorsey was in talks with lenders about its planned debut. Although no bank had been hired to manage the offer and no specific date for the IPO was set, the source said Dorsey was holding discussions with banks like Goldman Sachs Group Inc and Morgan Stanley for a possible share sale next year.
Square Inc was established in 2009. It makes a credit card reader that would fit into smartphones like those made by Apple Inc, Reuters reported. Square's sales would approach the USD 1 billion mark by next year, the WSJ reported. The figure was projected by sources familiar with the matter. The financial daily also reported that sales would reach USD 550 million in 2013. The total payment volume was pegged at USD 20 billion.
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