Square, a payments and point-of-sale (POS) provider, has launched a strategic partnership with MaRS Discovery District, helping tap into MaRS’ Canadian community in a bid to foster growth and an increased footprint in the country, according to a Square statement.
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Square made waves towards the end of last year after it launched its IPO, and also saw several acquisitions in 2016. The Jack Dorsey-owned payments venture recently acquired Kili Technology, a group responsible for developing silicon, electronics and software for payments processing.
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Its most recent deal with MaRS Discovery District also highlights a growing effort to invest in Canadian fintech infrastructure and development, as it already boasts engineering teams in multiple domestic offices. The core of Square’s business is its POS service that offers tools for multiple payments ventures for merchants, including the acceptance of credit cards and tracking inventory, as well as real-time analytics and invoicing.
According to Cathy Vigrass, Head of Canada at Square, in a recent statement on the partnership: “We’re thrilled to partner with MaRS and be a part of the thriving Canadian fintech community. We’re continually investing in Canada, both through our talented engineering teams in Toronto and Kitchener-Waterloo, and through our growing suite of services for developers and small business owners. We’re excited to work with MaRS to strengthen our investment in the local fintech ecosystem.”
“Square’s partnership with MaRS expands the resources and opportunities available to our fintech community. The San Francisco company now has two offices in the region and has already acquired a local tech company, we’re delighted that they are coming onboard,” reiterated Adam Nanjee, head of financial technology at MaRS, in an accompanying statement.