NEW YORK (TheStreet) -- As the Latino population in the United States grows faster than any other demographic, Square, the popular mobile payments company, is launching a suite of products in Spanish to capture the market.
San Francisco-based Square will bring its Register offering, reports and analytics, Square Market, and the company's mobile products into the Spanish-speaking market, allowing small businesses with Latino owners to better understand their customers.
The U.S. Census Bureau noted that Hispanics launched approximately 20% of the new businesses in 2013, growing them at nearly twice the rate of the general population. Hence, Square, which is valued around $4.5 billion on the private markets, is looking to this segment to fund its next area of growth.
"Every entrepreneur and business owner should have access to tools and resources that inform their decisions and help them reach their goals," said Square executive Ricardo Reyes in a press release. "Square's powerful tools offer more than just a point of sale, they build on the experience for the business and its customers. Now Square is optimized for Latino businesses to serve their customers across the U.S."
Square, which counts Visa (V) as one of its investors, has been busy launching new products, as the mobile payments industry is ripe for one company to take ownership of it. The Jack Dorsey-led company has launched Market, an online marketplace for sellers to sell products, similar to Etsy, and eBay's (EBAY) Marketplace, as well as Square Stand, an all-in-one payments solution system for small and medium-sized businesses.