Shares of Square (SQ - Get Report) are down 2.7% in early Thursday trading after reporting earnings, but Square has "remarkable technology" and is on its way to becoming a powerhouse, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.

"This is a story about a company that started [by] helping the little guy," he said, "it's now going after the big guy." Indeed, Square got started with small- and medium-sized businesses first. Many restaurants, vendors and other sole proprietors found the easy-to-use Square attractive.

Because of the company's ecosystem and point-of-sale products, it knows how much a company does in sales -- it has a virtual look in the books. This is so Square knows which businesses it can make short-term loans to, Cramer noted.

This sector has been red-hot, with Visa (V - Get Report) , MasterCard (MA - Get Report) and PayPal (PYPL - Get Report) all performing really well. None have performed as well as Square, though, which is up 160% so far in 2017, he pointed out. Perhaps that's why those who follow the stock may not be surprised in the decline. Ahead of the open, Square stock was up almost 20% over the past month and more than 40% over the past three.

This company is doing so well, Cramer said, adding that this was a "great" quarter. Square beat on earnings per share and revenue estimates and again raised its full-year outlook.

The debt would be one concern, he reasoned, but given that ex-Goldman Sachs (GS - Get Report) CFO David Viniar serves on the board eases that worry. So too does the magnificent job that Sarah Friar is doing, now serving as the CFO of Square after previously serving as the SVP of finance and strategy at Salesforce (CRM - Get Report) and as lead software analyst and Business Unit Leader for Goldman Sachs.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.