Here's an update to a story Daily RFT
first reported back in September.
Today native St. Louisan, Jack Dorsey
, better known as the co-founder of the immensely popular social media site Twitter, announced the launching of a new venture called Square
Photo: Nick Lucchesi
Partnering with Dorsey in the project is his former boss, Jim McKelvey
of St. Louis-based Mira Digital Publishing
From what this Luddite can tell from the product's website, Square is a payment system that allows people to make and track credit-card payments and receipts on their mobile devices.
Joining Dorsey and McKelvey are several other partners
. The company has an operations office in St. Louis (where?) and is looking to hire
Here's how Square describes itself:
In February 2009, Jim McKelvey wasn't able to sell a piece of his glass art
because he couldn't accept a credit card as payment. Even though a
majority of payments has moved to plastic cards, accepting payments
from cards is still difficult, requiring long applications, expensive
hardware, and an overly complex experience. Square was born a few days
later right next to the old San Francisco US Mint.
the Square team is focused on bringing immediacy, transparency, and
approachability to the world of payments: an inherently social
interaction each of us participates in daily. We're starting with a
limited beta and rolling out to everyone in early 2010.
Square is backed by Khosla Ventures and a team of angels.