Square acquires P2P startup Evenly

Merchant and P2P payment service provider Square, has acquired P2P Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term Evenly. Evenly is a P2P payment app similar to Square’s own Square Cash.

Evenly users can send amounts of up to $500 a day to pay back or split bills with other users. The service works by charging debit and credit cards, and allows for payouts through bank transfer. The application has gained in popularity as of late with college students for its incredibly simple bill split capabilities. The move shows Square’s intent to maybe change their current email based platform by relying on Evenly’s already stable platform to focus on enhancing their merchant experience, and expand into card-not-present environments.

"Evenly's app made it easy for anyone to send or collect Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term from friends, anywhere, anytime. But more importantly, the team showcased the importance of prioritizing experience over the technical aspects of the product itself." Square’s product engineering lead Gokul Rajaram said in a blog-post.

Square’s move seems similar to PayPal’s purchase of Braintree who less than a year prior had absorbed Venmo. Venmo is incredibly similar to Evenly, and like Square, PayPal already has an established P2P payment infrastructure.

Evenly has been ordered to be shut down by Square, and will be providing their services until the 15th of January 2014. Afterwards all Evenly user data will be deleted while the development tem is integrated into Square’s.