Square, Inc. is a provider of hard- and software enabling small merchant businesses to accept card payments. The company was founded in 2009 by, among others, Jack Dorsey who still runs the company to this day. Based in San Francisco, the company has been part of Silicon Valley’s Unicorn-iverse, reaching billion-dollar status in 2011, and going public in an IPO in November 2015. Square reached notoriety among industry insiders and the interested public for its rocky valuation road: within a matter of three short years, the company saw its (paper-) valuation double and get slashed again by 50% at the IPO. This case study details Square’s business model and its Venture Capital funding history. Based thereon, the study attempts to derive an intrinsic value of Square.