Jack Dorsey's payments company Block expands corporate card service to the UK
Block, the payments company owned by tech billionaire Jack Dorsey, has launched its corporate card service in the U.K.
Block, the payments company owned by tech billionaire Jack Dorsey has launched its corporate card service in the U.K. in a bid to deepen its expansion into the country and take on big incumbents like American Express.
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The firm's business-focused payments arm, Square, told CNBC that it opened registrations for its Square Card product in Britain late Wednesday, marking the first time Block has expanded its business card offering outside North America, where it first launched in 2019.
Currently available in the U.S. and Canada, Square Card is a free business spending card that reduces the time between merchants making a sale and having funds available to spend. It competes with offerings from the likes of American Express and Citigroup.
Samina Hussain-Letch, executive director of Square U.K., said the launch of the firm's corporate card product in the U.K. would give merchants speedier access to funds and help them more easily manage their daily expenses.
"When designing this product we went back to our mission of making commerce easy," Hussain-Letch told CNBC. Based on internal research Square found that small and micro businesses "prefer their funds to be consolidated in one place," she said, adding that real-time access to funds was also an important factor.
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Here's a more detailed biography of Jack Dorsey:
Early Life and Education
Jack Dorsey was born on November 19, 1976, in St. Louis, Missouri, to Tim and Joyce Dorsey. His father was a financial advisor, and his mother was a nurse. Dorsey grew up in a family of modest means, and his parents encouraged his interest in computer programming from an early age.
Dorsey attended Central Methodist College in Fayette, Missouri, where he studied computer science and graduated in 1999 with a Bachelor of Arts degree. During his time at college, Dorsey became interested in programming and began to teach himself how to code.
Career
After graduating from college, Dorsey moved to New York City to pursue a career in finance. However, he soon became disillusioned with the financial industry and decided to pursue a career in technology instead.
In 2000, Dorsey began to work as a technical assistant for the investment firm, Omidyar Network, which was founded by Pierre Omidyar, the founder of eBay. Dorsey's job involved working with the company's early payment systems, which involved processing online transactions.
In 2006, Dorsey co-founded Twitter with Evan Williams, Biz Stone, and Noah Glass. The service was initially called "twttr" and was designed to allow users to send short messages, or "tweets," to their followers. Dorsey was responsible for designing the service's architecture and writing much of the initial code.
Twitter quickly gained popularity, and Dorsey became the company's first CEO. Under his leadership, Twitter expanded its user base and introduced new features such as hashtags and @mentions.
In 2008, Dorsey stepped down as CEO of Twitter, citing burnout and a desire to focus on other projects. He remained a member of the company's board of directors and continued to work as a consultant to the company.
Square
In 2009, Dorsey co-founded Square, a mobile payment processing company. Square's initial product was a credit card reader that could be plugged into a laptop or mobile device, allowing merchants to process credit card transactions on the go.
The company quickly gained popularity, and Square expanded its product line to include a mobile point-of-sale system, Square Reader, which allowed merchants to process transactions on their mobile devices.
Under Dorsey's leadership, Square expanded its user base and introduced new features such as online invoicing and payment processing for online businesses.
Return to Twitter
In 2015, Dorsey returned as CEO of Twitter, succeeding Dick Costolo. During his tenure, Dorsey oversaw significant changes to the company, including the introduction of new features such as live streaming and the expansion of Twitter's user base.
Dorsey also played a key role in Twitter's efforts to improve its product, including the introduction of a new user interface and the expansion of Twitter's video capabilities.
Departure from Twitter
In 2020, Dorsey stepped down as CEO of Twitter, citing a desire to focus on other projects and a need to delegate more responsibility to other executives. He remained the company's chairman and continued to work as a consultant to the company.
Personal Life
Dorsey is a devout Catholic and has stated that his faith plays an important role in his life. He has also spoken publicly about the importance of mental health and the need for companies to prioritize employee well-being.
Dorsey is also a self-taught programmer and has a strong interest in blockchain technology. He has invested in several blockchain companies and has spoken publicly about the potential of blockchain technology to disrupt traditional industries.
Net Worth
As of 2022, Dorsey's net worth is estimated to be over $2 billion, according to Forbes. His net worth is largely due to his ownership of Twitter and Square, as well as his investments in other companies.
Philanthropy
Dorsey has also been involved in various philanthropic efforts, including the St. Louis-based non-profit organization, The Fund for the School of the Art Institute of Chicago. He has also donated to various causes, including the Boys and Girls Clubs of America and the Make-A-Wish Foundation.
Impact on the Technology Industry
Dorsey's impact on the technology industry has been significant. He is widely credited with helping to create the modern social media landscape, and his leadership at Twitter helped to shape the company into the platform it is today.
Dorsey's vision for Twitter, which emphasized the importance of real-time communication and the need for a platform that could handle large volumes of user-generated content, helped to set the stage for the development of other social media platforms, such as Facebook and Instagram.
Overall, Jack Dorsey is a highly influential figure in the technology industry, and his leadership at Twitter and Square has helped to shape the modern digital landscape.