Visa Disclosed 9.99% Stake In Square Ahead Of Mobile World Congress Event
Shares of Square Inc (NYSE: SQ) were trading higher by around 17 percent early Friday morning. Visa Inc (NYSE: V) disclosed it bought a 9.99 percent stake in the company.
Visa was an early investor in Square. A report by The New York Times noted that Visa invested in the company back in 2011 when it was still a start-up. The publication added that both Visa and Square declined to quantify the investment. As such, it is possible that Visa merely converted its investment into shares on Thursday.
Visa's disclosure coincides with its announcement that it will participate in the Mobile World Congress event. The company will showcase the "future of payments," including: 1) new ways to pay with mobile devices and wearable contactless payment devices, 2) connected car apps to pay for fuel and parking, and 3) biometric authentication initiatives, such fingerprint and facial recognition capabilities on mobile devices.
The Mobile World Congress will take place February 22 through 25.
Shares of Visa were trading higher by around 1.5 percent early Friday morning.
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