Twitter founder says his new company will be bigger

Tells Irish forum ‘Square’ future looks huge

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Twitter will be surpassed by his new company Square Twitter founder and chairman Jack Dorsey told a conference in Dublin.

His new company Square will be aimed at processing payments for small businesses and sole traders such as baby sitters and dog walkers.

Dorsey stated  Square has just completed a successful pilot with 50,000 users in the US and will shortly launch.

He hopes it  will processed $1 billion in transactions by June 2010.

“I think [Square] can be huge. I’m only interested in building large impactful companies,” he stated.“It has potential to match if not surpass Twitter’s growth.”

Meanwhile. He belives twitter has “scratched only one percent of its potential.”

“Revenue for us is not really about making money but sustaining the product and supporting growth,” Mr Dorsey told the conference.

“Whatever we do has to support the product – we don’t want to put a monetisation system on top of it that would be awkward.”

Mr Dorsey has stepped back from a day-to-day role at Twitter and is focusing on his latest venture, Square. It has developed a small square credit card reader which connects to a smartphone, allowing anyone to accept payments.

Aimed at small businesses and sole traders such as babysitters or dog walkers, Square has just completed a pilot with 50,000 users in the US and is formally launching in the US. Mr Dorsey said he hoped to have processed $1 billion in transactions by next June.

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