M-payments startup Square secures USD 27.5 mln in funding

News Wireless Global 11 JAN 2011
M-payments startup Square secures USD 27.5 mln in funding
Mobile payments startup Square has raised USD 27.5 million in a Series B financing round led by Sequoia Capital, The Wall Street Journal reports, citing company founder Jack Dorsey. Square will use the proceeds to hire new team members, grow more aggressively and raise awareness around its service. Square currently develops hardware and software designed to turn iOS and Android devices into payment processing machines. According to Square COO Keith Rabois, around 50,000 businesses have signed up for the service since the company launched operations in October 2010. To date, Square has raised a total of USD 37.5 million. The startup's USD 10 million Series A financing round was led by Khosla Ventures and included participation from Ron Conway, Kevin Rose, Marissa Mayer, Biz Stone and Shawn Fanning.

Categories:

Mobile

Companies:

Square

Regions:

Global

Tags:

e-Payment, Wholesale, Financial funding

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