Payments platform Square announced on Monday it has acquired Spain-based P2P payments app, Verse. Founded in 2015, Verse describes itself as a mobile app that allows users to share payments easily, instantly, and with no hidden fees.
“Not only can you pay and receive money in the time it takes you to send a text message, but you can also create events and pool expenses for birthday presents, dinners with your friends, or road trips. The app also allows you to choose whether your transactions are private or public so that you can have fun while keeping track of your financial activities.”
Since its launch, Verse has launched in more than 15 countries. The app is available in all of the European Union (EU) and works with all the EU’s different currencies. Speaking about the acquisition, Square’s team stated that Verse will join the Cash App at Square, which will enable to Square and Verse team to learn from each other as the Square team provides the Verse team with additional support through Cash App technology and resources.
“At this point, our main priority is enabling Verse to continue their successful growth in Europe. Verse will continue to operate as an independent business, working out of their offices with no immediate changes to their existing products, customers, or business operations.”
The acquisition of Verse comes less than six months after Square acquired Dessa, a Toronto-based company that is building machine learning applications addressing significant “real-world challenges” for all types of businesses. The acquisition was to help the Square platform further boost its machine learning abilities, improve its products, and ultimately pass on the benefits to customers around the world.