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Square now processing $6 billion in payments annually, hires first CFO

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Square has announced that it is hiring its first Chief Financial Officer, Sarah Friar, and that it now processes $6 billion in payments annually.


Square, the upstart mobile payment processing system that's given pause to giants like VeriFone, is hiring its first chief financial officer to deal with a growing number of payments. According to TheNextWeb, the company now says it's processing $6 billion a year in payments for one million individuals and businesses, and it's grown from 80 to 300 employees over the past year. That's major expansion from March, when it announced it was processing $4 billion a year (both these numbers are based on extrapolating current rates out to the next year.)

In order to manage this, the company is hiring Sarah Friar, previously of Goldman Sachs and Salesforce, as its first CFO. It's also added some lower-level executives, including people from PayPal and Apple. Square is still a newcomer to payment processing, but it's one of the few such companies that's managed to maintain any level of goodwill. It's also reportedly been aggressive with its venture capital fundraising recently, a decision that's seeming more and more justified.