Square acquires peer-to-peer mobile payments app Evenly

Square’s latest acquisition is aimed at making it more straightforward to assemble money from chums. The mobile payments company announced Wednesday that it had bought the startup evenly, which designed an easy payment app.

“At square, we’re committed to developing a greater experience for our merchants via serving to them center of attention on their customers, moderately than on the payment itself,” square product engineering lead Gould Raja ram stated in a blog post. “Evelyn’s app made it easy for any person to send or accumulate funds from chums, anyplace, each time. However more importantly, the team showcased the significance of prioritizing expertise over the technical elements of the product itself.”

Evelyn’s app works a little like Venom — a startup received with the aid of Braintree last 12 months. The speculation is to ship money to people by the use of cell software without the trouble of dealing with banks or credit card services and products. EBay announced in September that it’s shopping for Braintree for approximately $800 million. Apparently, eBay expects Venom to make bigger PayPal’s mobile payments market, which is already forecast to generate gross sales of greater than $20 billion this yr.

 

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In seems that square is having a look to compete with eBay on this market. Lately, square additionally received Viewfinder, which is a platform for organizing and sharing photographs.

Evenly will shut down in early 2014 and its staff will go work at square. The startup wrote on its web site that at square, it plans to “bring simplicity, transparency, and immediacy to commerce.” The monetary phrases of the deal were not disclosed.

Author: Rohit Shetty

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