Square Inc takes over Spanish peer-to-peer payments app Verse
Category: #business  By Pranali Mehta  Date: 2020-06-18
  • share
  • Twitter
  • Facebook
  • LinkedIn
Square Inc takes over Spanish peer-to-peer payments app Verse

Leading payment services company, Square Inc., has reportedly announced its acquisition of Spanish peer-to-peer payment service, Verse, known for its efficient payment facilities across Europe. Square has stated that Verse’s team will effectively work in collaboration with its Cash App division.

Square’s Cash App has an extensive user base and can be availed only in the U.K. and the U.S. The recently acquired Verse app has many similarities with the Square’s Cash App. Verse’s payment service allows users to send and receive money through its mobile app. Further, the transfer occurs within seconds and users need not pay any extra charges.

According to an announcement made by Square Inc., the company’s priority, at this point, is to enable Verse to continue its successful expansion in the European region. The company has further highlighted that Verse will continue to function as an independent business establishment and no immediate changes will be made either in its existing products or business operations.

As per sources, users on Verse app sign up using their phone numbers which enables them to send money only to those recipients whose phone numbers are saved in their address book. The app also provides a debit card payment facility in case the user’s Verse account doesn’t have enough money to make payments. The app also enables money transfer to the user’s bank account in case he wants to withdraw money from his Verse account. Users have also been provided with the facility to track group expenses, organize events, and create money pots.

Of late, Verse has also reportedly launched its ‘Visa debit card’ which enables users to spend money directly through their Verse account. The debit card doesn’t charge any foreign exchange fees and only uses Visa’s exchange rates. In addition to that, users are also provided with the benefit of two free ATM withdrawals every month.

The terms of the deal have not yet been officially disclosed. However, sources claim that Verse has raised around $37.6 million together from eVentures, Spark Capital, Greycroft Partners, and others.

 

Source Credits:

https://techcrunch.com/2020/06/16/square-acquires-european-peer-to-peer-payment-app-verse/?guccounter=1

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Clubhouse achieves unicorn status following Andreessen Horowitz funding
Clubhouse achieves unicorn status following Andreessen Horowitz funding
By Pranali Mehta

Clubhouse, Silicon Valley's audio-based social media platform, has reportedly raised an undisclosed capital in a Series B funding round which was led by Andreessen Horowitz, an American venture capital company. Sources with knowledge of the matt...

Foxconn to develop USD 270 million manufacturing plant in Vietnam
Foxconn to develop USD 270 million manufacturing plant in Vietnam
By Pranali Mehta

Taiwanese multinational electronics contract manufacturer Foxconn Technology Group has reportedly received a license from the Vietnamese Government to develop a USD 270 million manufacturing plant to produce tablets and laptops. The news comes amidst...

Mytheresa goes public in United States, becomes USD 2.2 billion company
Mytheresa goes public in United States, becomes USD 2.2 billion company
By Pranali Mehta

German online luxury retailer Mytheresa has reportedly secured USD 406.8 million during its initial public offering (IPO) in the United States. The company has now reached a valuation of USD 2.2 billion following the successful IPO. Sources confirme...