Square acquired Verse, a Spanish peer-to-peer payment app that works across Europe. Terms of the deal are undisclosed. According to Crunchbase, Verse had raised $37.6 million from Spark Capital, eVentures, Greycroft Partners and others.
Square has attracted a ton of users with Cash App, its peer-to-peer payment app that lets you easily send and receive money from your phone. But Cash App has only been available in the U.S. and the U.K.
Acquiring Verse seems like a good fit to expand Square’s presence in Europe. Verse’s team will join the Cash App division within Square.
There are many similarities between Cash App and Verse. Verse’s main feature is that it lets you send and receive money from a mobile app. Users don’t pay any fees and transfers occur in just a few seconds.
Verse users sign up with their phone numbers, which means that you can send money to other users as long as you have their phone numbers in your address book. If you don’t have enough money on your Verse account, the app can charge your debit card directly. And if you want to withdraw money from your Verse account, you can transfer your balance to your bank account.