Mobile payments company Square is expanding to Canada. Twitter co-founder Jack Dorsey co-founded Square two years ago and the tablet/smartphone credit card reader company has grown by leaps and bounds. Stripe is used by local coffee shops and all of Starbucks’ U.S. locations.
Square is processing around $8 billion in annualized transactions. Square raised around $200 million in funding and has a valuation of around $3.3 billion.
Canada will be Square’s first market outside of the United States. Square will most likely have to consider cross-border fees, different payment cards, and currency conversion, and country regulations when expanding to Canada.
Square’s expansion to Canada is an indication of how payment startups are aggressively pushing to be accepted around the globe. Another example is Stripe, a payment solution for developers, that also recently launched in Canada.