According to a report from Bloomberg, Square Inc., the mobile-payment company filed confidentially for an initial public offering.
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The people asked not to be identified because the information is private. The company announced $25 million in funds raised for a separate corporate lending program this past May.
Square spokesman Aaron Zamost declined to comment.
Under the Jumpstart Our Business Startups Act, companies with less than $1 billion in revenue can file for an IPO with the U.S. Securities and Exchange Commission privately and work out the details with the SEC outside the public eye.
Its CEO Jack Dorsey also took on the role of interim Twitter CEO earlier this month when Dick Costolo stepped down.
Jack Dorsey’s Square is said to have confidentially filed to go public.
Valued at more than $6 billion, Square is among seven so-called Unicorns in the hot and increasingly crowded payment startup sphere. Square Capital offers loans to merchants that are repaid through a portion of sales processed by Square.
As of October, the company has raised more than $500 million in venture capital funding with backing from major investors like Starbucks and Visa, according to FactSet data. Regarding the payroll services, Square released the service in June for Californian merchants, with expansion into other states in the near future. In the fall, it plans to distribute new wireless readers that will allow merchants to accept mobile wallets like Apple Pay on smartphones and tablets.
Last month, Forbes reported that Square would be filing for its IPO.
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CORRECTiON: Square announced a funding round from Victory Park Capital but did not disclose the amount.
