Fox Business reports mobile payments upstart Square has indefinitely postponed its anticipated IPO.
Sources tell the TV network Square's revenue run rate is to blame for the delay. One of them says the company's "private-market valuation could not be substantiated by their revenues as a public company."
Private share sales have valued Square at $5B. The WSJ reported in November Square was talking to banks about a 2014 offering, and expected 2013 net revenue (excludes payments to credit-card companies) of $110M-$165M.
At the time, Square reportedly hoped to grow its gross revenue by over 80% in 2014 to $1B.