Square's value comes from their customers. They've cultivated a customer base that is very valuable (small and micro-businesses) and very loyal. In particular,

Square's value comes from their customers. They've cultivated a customer base that is very valuable (small and micro-businesses) and very loyal. In particular, a lot of the brick-and-mortar businesses that use Square are very trendy and technology-friendly. If Square fails to eventually find a profitable angle I'm sure a company with deep pockets and diversified interests will.