Square acquires P2P payment app Verse

According to TechCrunch, Verse had raised USD 37.6 million from Spark Capital, eVentures, Greycroft Partners, and others, although, terms of the deal are undisclosed. It has been reported that Square attracted many users with Cash App, its P2P payment app that allows consumers to receive money from their phones. However, Cash App has only been available in the US and the UK, therefore, acquiring Verse might expand Square’s presence in Europe. 

Moreover, Verse’s app allows users to send and receive money from a mobile app, without any fees within a few seconds. To use the service, Verse users have to sign up with their phone numbers, allowing them to send money to others only by having their phone numbers in the address book. 

Besides, if there are insufficient funds on their Verse account, the app can charge their debit card directly. On the other hand, if they want to withdraw money from their Verse account, users can transfer their balance directly to the bank account. Additionally, a group expenses tracking feature is also available from the app, allowing consumers to create money pots and organise events with a basic ticketing feature.