Square appears to finally be going public. According to Bloomberg, the mobile payments processor has confidentially filed for an initial public offering after years of speculation about when it would do so. The move comes as PayPal, an online payments behemoth that's making moves into mobile, is soaring in the markets after its split from eBay. But it also comes amid growing uncertainty about Square's business. Some ventures, like its Wallet app, haven't been as successful as Square hoped, and it's now unclear what will happen to its co-founder and CEO, Jack Dorsey, who is also currently serving as Twitter's interim CEO.
Nonetheless, Square's business obviously has huge potential. Bloomberg reports that it processed $30 billion in payments last year and was working with millions of merchants. Its early lead in mobile payments processing is part of why we've heard so much about other companies, including Apple and Google, supposedly being interested in buying Square. It's not clear how much truth was in those reports, but Square seems to have seen PayPal's growth and recognized now as an auspicious time to go public, however uncertain its immediate future is.