Square (SQ) shares were up on Friday following news that Visa (V) has taken a roughly 10% stake in the payment company.
This new investment from Visa makes it the second largest shareholder of Square’s A shares. The company already had a small investment in SQ before this. It has refused to comment on the matter, reports CNNMoney.
Visa’s investment for Square may help it as its stock has been suffering since it hit the public market late last year. The company has faced tough competition from others players in the market, including Visa itself, CNNMoney notes.
Visa’s investment in Square had it buying roughly 3.5 million of the companies shares. The full SEC filing can be seen here.
SQ shares were up 7% and V shares were up 2% as of Friday morning.
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