Square is taking the online food delivery startup Caviar that it recently acquired for $90 million and making it mobile, TechCrunch reported.
The payment processing company's purchase of Caviar took place in August and came at a time where the order volume was growing more than 500 percent year over year, Square said. It only makes sense that Square has decided to leverage that business in the fast-paced cities markets of Boston, Chicago, New York, Seattle, Los Angeles and Washington, D.C. on an iOS mobile app option.
"For Square, the purchase of Caviar and introduction of the mobile app comes as the company has attempted to diversify its business beyond being just a payment processor,"" TechCrunch said. "While Square is best known for its mobile credit card reader, over time it has added a number of apps to enable and extract payments, as well as new services like ordering ahead and food delivery."
Since the service is targeted at the office lunch crowd, the mobile app is particularly key for capturing the attention of co-workers who want to place one order together. They can do so by using the app to share a link with others to add food requests to that order. The app will also allow users to track progress of the order and check the delivery route.