Sales at the UK arm of payment services provider Square, which is led by Twitter founder Jack Dorsey, jumped by more than £20m during its latest financial year.
The London-headquartered division has reported a turnover of £64.9m for 2023, up from the £43m it achieved in 2022, according to newly-filed accounts with Companies House.
The business also posted an operating profit of £32.7m for the 12 months, up from £20.5m.
Square’s transaction-based turnover rose from £40.3m to £54.7m while its financial earnings surged from £2.6m to £10.1m.
Square was launched by US-based Block in 2009 and was set up by Jack Dorsey and Jim McKelvey.
Headquartered in the US, the wider group also operates in the likes of Australia, New Zealand, Japan, France, the Republic of Ireland and Spain.
Square allows merchants and individuals to accept card payments and manage various operations.
Revenue rise for Jack Dorsey’s Square
For the same financial year, the wider group reported a total net revenue of $21.9bn, up from the $17.5bn it achieved in 2022.
The total was made up of $6.3bn in transaction-baed revenue, up from $5.7bn, and $5.9bn in subscription and services-based revenue, up from $4.5bn.
Square’s hardware revenue rose from $164.4m to $157.1m while its Bitcoin earnings increased from $7.1bn to $9.4bn.
A statement signed off by the UK board said: “The company has been profitable, with strong liquidity, has available cash balances of £90.6m and is in a net asset position.
“Together with the strong financial position and a letter of support from its ultimate parent, the directors believe that the company is well placed to manage its business risks successfully and are satisfied that the company has, and will maintain, sufficient financial resources to enable it to continue operating in the foreseeable future.”
Square added that its directors “anticipate growth” during its current financial year.