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Australian Market Galloping, Says Payments House Square

Payments technology outfit Square is planning a major hiring spree Down Under, after seeing Australia emerge as its fastest-growing international growth area.

Chief financial officer Amrita Ahuja at the weekend told The Australian Financial Review that Square’s Australian operation was a standout performer.

“Australia is now our biggest market internationally,” she said, adding that the company had more than doubled its growth Down Under in the first quarter.

Total revenue for the three months ended March 31 reached US$5.06 billion (A$6.5 billion), up 266 per cent for the quarter. This was said to have been at least partly spurred by the recent surge in the value of bitcoin.

Ahuja said Square wants to help artists grow their revenue base and believed it was well placed to do this.

“Artists have been underserved with tools, with software, and with mechanisms to interact with fans and grow their revenue base,” she said.

Bitcoin transactions through Square’s Cash App are said to have soared this year. The company also says it has about five percent of its cash invested in bitcoin.

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