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Square COO Keith Rabois Departs Company
- pbreit 14y agoPretty shocking. Although Square is well on its way, I think there is still a lot of good COO work to do. But I am definitely looking forward to what's up next for Keith (who clearly had a tremendous run at Square).
- pclark 14y agodidn't Sequoia just lose a partner?
- kunle 14y agoGreg McAdoo - whats the connection?
- kapilkale 14y agoRabois seems moderately connected to Sequoia- they've shared in a ton of deals, given he's a prolific / selective angel & he and Sequoia partner Roelof Boetha both worked at PayPal. Don't think there's a formal connection between him and McAdoo.
- rdl 14y agoWow, I had no idea they were processing $10b/yr (I thought it was <$1b/yr). That's getting to the point where they make real money (maybe $50mm/yr?) and have a serious shot at profitability.
- gsharma 14y agoIf my math is correct: 2.75% of $10B/yr = $275M/yr. Although they may not be charging 2.75% across whole $10B. I don't think Starbucks would pay 2.75%.
- Negitivefrags 14y agoDon't forget that the credit card companies get most of that.
- prbuckley 14y agoThey have to give most of that to the credit card companies. I am not sure how much of the 2.75% they get to keep but I would guess less then half, maybe even only a quarter?
- almost_usual 14y agoI remember reading somewhere the average swipe fee is 1.6% for cards. Don't know how accurate that is but I'm assuming it's not far off.
- Firehed 14y agoYou're pretty close to the mark - at least for a company doing that much payment volume. Maybe closer to 1.8% or so. There's dozens of variables (debit vs credit, issuing bank, network, international, chargeback rates, etc...) so it's hard to say with any reasonable degree of certainty.