June 13, 2012 / 3:47 PM / 7 years ago

Square hires CFO to lead international expansion

SAN FRANCISCO, June 13 (Reuters) - Square Inc, the two-year old electronic payment processing company, said Wednesday it hired a chief financial officer to lead its expansion into overseas markets.

Sarah Friar, previously a senior vice president of finance and strategy at Salesforce.com Inc and a managing director at Goldman Sachs Group Inc, is the latest in a string of high-level hires for Square, founded in 2010 by CEO Jack Dorsey, who also serves as executive chairman of microblogging service Twitter.

Square allows users to accept credit cards through ordinary mobile phones; when a card is swiped, Square takes a 2.75 percent transaction fee.

The San Francisco-based company, which is reportedly raising money at a valuation of up to $4 billion, said Wednesday it is processing “over $6 billion in payments on an annualized basis.”

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