EFTA Document EFTA01377708

S-I/A payment volume, we believe GPV is a key indicator of our ability to generate revenue. In the 12 months ended September 30, 2015. over two million sellers accepted five or more payments using Square, accounting for approximately 97% of our GPV. The foundation of our business model is the millions of sellers processing payments with Square. We estimate that, to date, nearly half of our sellers have found us and signed up, rather than us having found them, adding efficiency to our sales a