Square Gearing Up for European Expansion Via Squareup Europe Subsidiary

Square, a mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and point-of-sale (POS) provider, has been ramping up for a European launch after an earlier foray into the North American space this year. Square has taken concrete steps to facilitate a European expansion, culminating in the incorporation of a business known as Squareup Europe Ltd., which is based out of the UK.

A preliminary look into this strategy suggests that Square is looking to use the UK as a base for its European operations, which could not have come at a worse time for the group, given the recent fallout of the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term referendum. Like many other groups from every channel or industry, the UK has served as a ‘passport’ and bridge into the broader European Union (EU), a link that could soon be severed.

A Bridge too Far?

Should the UK ultimately continue on its path towards secession, which overwhelmingly it is expected to do in the near future, Square may need to rethink its European strategy given that the UK might prove to be outside the realm of the very continent it wishes to permeate.

The latest expansion ambitions follow after Jack Dorsey's company expanded to Canada back in Q1 2016. Since being founded in the US back in 2009, the group has since extended its latitude to Canada, Japan, and Australia, having to date avoided Europe – its absence has been its competitors’ gains, with groups such as iZettle and SumUp making inroads.

As for its UK and broader European ambitions, Square has moved quickly to secure the requisite rights to provide payment services such as transactions in the country via Squareup Europe. The group began beta testing in June, but has also added former commercial secretary to the treasury Paul Deighton to its board of directors in a move to help solidify its direction.