Square payment service rejected Apple’s offer to buy for $ 3 billion

Before developing its own payment solution, Apple tried to acquire Square Financial Services. However, representatives of the companies could not agree on the value of the transaction - Tim Cook's team offered $ 3 billion in evaluating Square at $ 6 billion. TechCrunch reports this , citing its own sources in the companies.

Square is a service that allows mobile device owners to accept bank cards.

Experts point out that Square solutions could fit perfectly into Apple products. However, the source said that the companies could not agree on the value of the transaction: “Apple wanted Square to become part of the company. But they did not agree on the cost of the service - Apple offered less than half of the estimated value of the company - about $ 3 billion. ”By the way, it is worth recalling that Square recently received funding of $ 100 million.

Meanwhile, Square is planning an IPO. And since July of this year, chip cards have been accepted throughout the United States. The Square company is focused on small business owners and is currently working in the USA, Canada and Japan. Commission, which takes the service - 2.75% of the transaction amount.