Citi, Starbucks and Visa are all investors but none are among the main shareholders of the payment processor, which last raised money at a $6bn valuation.

Square, the US-based online payment technology provider backed by corporates including payment services provider Visa and coffee chain Starbucks, filed for a $275m initial public offering yesterday.

Square’s mobile point of sale technology enables users to accept payment anywhere, with the company charging a flat 2.75% fee on each transaction. It has also expanded into complementary fields such as money transferring, payroll processing, small business financing and food ordering.

The IPO will follow $490m of equity funding, the most recent…

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