US-based mobile payments company Square has denied reports that it has entered talks with corporates including internet company Google over an acquisition.
The Wall Street Journal, citing three people familiar with the matter, had initially reported that Square, which reportedly lost $100m in 2013, had spoken to Google, as well as Apple, Ebay and PayPal, about a possible acquisition.
An official statement from Square has however denied any acquisition talks with Google, a spokesman claiming: “While we appreciate that Square may be an attractive target for some companies, we have never seriously considered selling to anyone or been in any talks to do so.”
TechCrunch had earlier reported that multiple sources from both companies had stated that no talks had taken place “in any serious capacity”.
Square’s mobile payment technology allows vendors to take card payments via their smartphone or tablet with an app and small piece of hardware.
The company has received $341m in funding since its inception in 2009. Previous investors include corporates Citi Ventures, the investment arm of financial services group Citigroup, Starbucks and Visa. Despite this investment, Square has struggled to turn big enough profits to keep afloat, largely because its profit margins are so thin.