Square reportedly seeks to buy social app Yik Yak

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Square is in talks to acquire Yik Yak, which operates location-based anonymous social network popular among college campuses, reports CNBC.

The network reports Square is not interested in developing Yik Yak's technology, but is interested in "acquihiring" its programming staff.

Yik Yak's service resembles an anonymized version of Slack, and its talent could help Square compete with the growing number of companies working to combine messaging with payments.

Square has not yet reached a deal to acquire Yik Yak, CNBC reports. The Verge reports if Square acquires Yik Yak, the site's core social network would likely shut down.

YIk Yak had grown rapidly, attracting $61 million from Sequoia Capital in 2014. But the company has hit some friction, recently laying off 60% of its staff.

Square would not comment on the reports.

Michael Nagle/Bloomberg