Report: Mobile payments company Square files to go public

Last year, Square processed $30 billion in payments. Its CEO Jack Dorsey also took on the role of interim Twitter CEO earlier this month when Dick Costolo stepped down.

In May, Square raised $25 million in funding from Victory Park Capital. In total, the company has raised more than $590 million in venture capital funding. Its private market valuation, according to the Wall Street Journal, is $6 billion.

Last month, Forbes reported that Square would be filing for its IPO. "It's going to happen soon, if it hasn't happened already," a source told Forbes' Ryan Mac at the time. "There has been some internal debate about the ideal timing."

This is an interesting time for Square to go public, with Dorsey as the CEO of two companies. Business Insider previously heard that Dorsey was actually vying for a more permanent position at Twitter. That plan could be complicated by an impending IPO.

Confidential filings are permitted for companies with less than $1 billion in revenue.