Jim McKelvey

James Morgan McKelvey Jr. (born 1965 or 1966) is an American billionaire businessman and co-founder of Block, Inc. In January 2017, he was appointed as an independent director of the Federal Reserve Bank of St. Louis. As of July 2023, his net worth was estimated to be $2 billion.

Jim McKelvey was born on April 20, 1965, in St. Louis, Missouri. Raised in the Midwest, McKelvey exhibited an early interest in entrepreneurship and technology. His family background and upbringing in St. Louis played a significant role in shaping his career trajectory. His father, a professor of physics, and his mother, a successful entrepreneur, provided a nurturing environment that encouraged McKelvey to pursue his diverse interests.

McKelvey attended Washington University in St. Louis, where he earned a Bachelor of Arts in Economics. His education at Washington University was instrumental in developing his analytical skills and understanding of economic principles, which would later influence his business ventures. The university’s strong emphasis on interdisciplinary studies allowed McKelvey to explore various fields, including engineering and design, broadening his intellectual horizons and preparing him for future challenges.

During his time at Washington University, McKelvey was actively involved in the university’s entrepreneurial community. He took part in several business plan competitions and startup initiatives, gaining valuable experience and connections that would prove beneficial in his later career. His time at the university also exposed him to the emerging field of technology and innovation, setting the stage for his future endeavors in the tech industry.

After graduating from Washington University, McKelvey briefly attended a Master’s program at the University of Illinois Urbana-Champaign but decided to leave to pursue entrepreneurial opportunities. This decision marked the beginning of his journey into the world of startups and innovation, laying the groundwork for his future success.

Jim McKelvey's career trajectory is marked by a series of entrepreneurial ventures and innovations that have significantly impacted the technology and business landscape. His most notable achievements include co-founding Square, a financial services company, and his contributions to the arts and technology sectors.

In 2009, McKelvey co-founded Square with Jack Dorsey, the co-founder of Twitter. Square started as a solution to address the challenges faced by small businesses in accepting credit card payments. McKelvey and Dorsey envisioned a device that would enable merchants to process transactions using a smartphone or tablet, making it easier for small businesses to access electronic payment systems. The result was a small, portable card reader that plugged into a mobile device, transforming the way transactions were conducted.

Square quickly gained traction, becoming a prominent player in the financial technology industry. The company's innovative approach to payment processing and its commitment to providing accessible financial services helped it grow rapidly. McKelvey's role as the co-founder and a key executive involved overseeing product development and business strategy, ensuring that Square remained at the forefront of technological advancements.

Under McKelvey’s leadership, Square expanded its offerings beyond payment processing, introducing new products and services such as Square Register, Square Capital, and Square Payroll. These additions further solidified Square’s position as a comprehensive financial services platform for businesses of all sizes. McKelvey’s ability to navigate the rapidly evolving tech landscape and anticipate market needs contributed significantly to Square’s success.

In addition to his work with Square, McKelvey has been involved in various other ventures and initiatives. He founded LaunchCode, a nonprofit organization dedicated to providing opportunities for individuals to learn programming and secure jobs in the tech industry. LaunchCode’s mission is to bridge the gap between education and employment by offering coding bootcamps, mentorship, and job placement services.

McKelvey's entrepreneurial spirit extends beyond technology and business. He is also known for his involvement in the arts and philanthropy. He has supported various cultural and artistic projects, including the renovation of St. Louis's historic Fox Theatre and the establishment of the McKelvey Foundation, which focuses on supporting educational and artistic initiatives in the St. Louis region.

Jim McKelvey’s legacy is characterized by his innovative contributions to technology, his commitment to entrepreneurship, and his dedication to community development. As a co-founder of Square, McKelvey played a pivotal role in revolutionizing the payments industry, making it more accessible to small businesses and entrepreneurs. Square’s impact on the financial services sector has been profound, and its continued success is a testament to McKelvey’s vision and leadership.

McKelvey’s legacy also includes his work with LaunchCode, which has had a significant impact on the tech industry by providing training and job opportunities for individuals who may not have had access to traditional education pathways. LaunchCode’s success in placing thousands of individuals in tech jobs highlights McKelvey’s commitment to creating opportunities and addressing skills gaps in the workforce.

Looking to the future, McKelvey’s influence is likely to continue shaping the technology and business landscapes. His ability to identify and address unmet needs, coupled with his entrepreneurial drive, positions him as a key figure in driving innovation and growth. McKelvey’s continued involvement in various ventures and philanthropic efforts suggests that he will remain a prominent force in shaping the future of technology, education, and community development.

1. "Forbes profile: Jim McKelvey". Forbes. Retrieved July 27, 2023.
2. Dielman, Susan (June 24, 2012). ""Distinguished Ladue Alumni Chosen for 2012 Awards Presentation"". Patch.com. Retrieved October 31, 2016.
3. McKelvey, Jim (1986). The Debugger's Handbook=UCSD and Apple Pascal. Wadsworth Publishing. ISBN 978-0-534-06432-7.
4. Kerth, Susan (May 30, 2004). "Entrepreneur-artist Jim McKelvey bankrolls his glass studio with his business savvy". www.bizjournals.com. Retrieved July 12, 2019.