&gt; Doing some back of the envelope calculations I can&#x27;t see any scale where they are profitable given their current fee structure.<p>Here is a more optimistic analysis from Re&#x2F;Code: <a href="http:&#x2F;&#x2F;recode.net&#x2F;2015&#x2F;10&#x2F;14&#x2F;squares-ipo-filing-its-complicated&#x2F;" rel="nofollow">http:&#x2F;&#x2F;recode.net&#x2F;2015&#x2F;10&#x2F;14&#x2F;squares-ipo-filing-its-complica...</a> that looks at the numbers minus the Starbucks deal and concludes that their core business is healthy and has a path to profitability.