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Industry News

Eventbrite gains major investment from Jack Dorsey’s Square

Eventbrite has received a $25m (£18.7m/€21.2m) investment from Square, the payments company created by Twitter founder and chief executive Jack Dorsey.

The agreement will see Square become the ticketing businesses payment processing partner for online and mobile transactions. This will cover paid events, tickets, registrations, merchandise sales and donations.

Square will also use its original technology with Eventbrite to cover in-person payments, using its hardware and software to enable event creators to accept card payments from attendees. The firm has begun expanding its offering through online commerce, which its deal with Eventbrite will strengthen.

Square was founded to support independent traders to accept forms of payment other than cash through its mobile card readers that connect to a smartphone or tablet, including contactless, mobile and card payments.

Event organisers that use Eventbrite will gain a single platform, with omni-channel payment, reporting, and management capabilities designed to give them the data to make informed decisions about their businesses.

Alyssa Henry, seller lead at Square, said: “We’re thrilled to bring Square’s payments technology to Eventbrite. As the lines that separate online and offline business fade, we look forward to helping them further simplify all aspects of commerce, so they can stay focused on their core business of powering great live events.”

Eventbrite processes up to three million tickets per week, as well as having ticketed more than 175,000 concerts and music festivals helping them sell more than $1bn in tickets since inception. It said it is on track to process close to 200 million tickets worth $3bn in gross ticket sales in 180 countries in 2017.

With these numbers and transactions, Square would gain a huge portion of the online payments market, which is currently dominated by PayPal.

Square broke into the UK market in March of this year, with Dorsey saying he was eager to connect with the millions of small businesses that don’t take card payments for reasons of complexity, cost, or time.

After eight years in the US and previous international launches in Australia and Japan, the UK is the most advanced market Square has launched in due to its widespread chip and pin and contactless payments.

Dorsey created his new company Square in 2009 after being ousted from his position as chief executive of Twitter, which he founded. He has since returned to the social media platform company to hold the top position once more, as well as remaining in the lead role at Square.

Image: Apple Insider