Square hires Keith Rabois, Silicon Valley Veteran and Investor

by Mercator Advisory Group 0

It’s not only Google who is picking up PayPal DNA. Mobile payments startup Square, misfiring badly during its launch, has hired aSilicon Valley veteran with multiple successes in his background. AddingKeith Rabois’s execution skills to the Silicon Valley luminaries backing theventure should help get Square back on track. And then we’ll see ifSilicon Valley confidence can overcome the high barriers built by the incumbentpayment industry around its domain.

Notonly did Google land technology to help boost its social networking ambitionswhen it bought Slide this month, it got PayPal veteran and Internet superstarMax Levchin as well.

But SanFrancisco startup Square netted Slide executive Keith Rabois, a PayPal veteranwho is also one of Silicon Valley’s top angel investors.

Rabois,jpgSquare, which launched to great fanfare and a $40-million valuation, hassuffered from problems with its hardware and with credit processing and risk.Payment systems are complex and Square’s product has been delayed even ascompetitors’ efforts gain steam.

In hisnew role as Square’s general manager, Rabois will help co-founder and CEOJack Dorsey navigate these issues and run the company. Rabois will remain onthe boards of Xoom, Yelp and Milo.

“Iwanted to be an entrepreneur one more time,” Rabois said in an interview.”There is no comparison between the satisfaction derived from building asuccessful, thriving business and merely investing in one.”

View fullarticle here:

http://latimesblogs.latimes.com/technology/2010/08/square-hires-silicon-valley-veteran-investor-keith-rabois.html