Mobile payment company Square quietly filed for an IPO, Bloomberg reported on Friday. The news was disclosed by confidential sources, and follows previous reports that Square was beginning to file last month.
Square, which offers credit card payments to small businesses, has become an increasingly powerful player in the crowded payments industry. The company announced $25 million in funds raised for a separate corporate lending program this past May.
Federal law allows companies to confidentially file for IPOs if they have under $1 billion in annual revenue and meet several other requirements.
This story will be updated as we have more information.