Vinod Khosla leaves mobile payment company Square's board

Mobile payment company Square Inc said Director Vinod Khosla, the company's second largest shareholder, had left its board ahead of its initial public offering.

Khosla will remain an adviser to Square's board, the company said in a filing on Monday.

Khosla, who is the co-founder of Sun Microsystems, confirmed his departure in a tweet. He owns 17.3 per cent stake in Square.

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The company, headed by Twitter Inc Chief Executive Jack Dorsey, filed for an IPO on October 14.

Square also reported a 49 per cent jump in net revenue to $892.8 million for the nine months ended September 30.

The company's net loss widened to $131.5 million, or 88 cents per share, from $117.0 million, or 84 cents per share, a year earlier.