Square raises $200M as it touts a $3.25B valuation
17th Sep 2012 | 21:50
Jack Dorsey's mobile payment solution showing its worth
Twitter founder Jack Dorsey's mobile payment service Square is now worth a reported $3.25 billion (£2 billion) following a recent injection of cash.
A round of funding has raised $200 million (£125 million), which will see the company expand beyond the United States later this year, according to AllThingsD.
Significantly, a large chunk of that investment dollar came from Starbucks, which will now switch to using the Square technology and allow customers to pay for coffee using the Square app.
Boost for small businesses...and SBUX
Square has been a huge boon for small business owners allowing them to take credit card payments, simply by plugging a white dongle into the headphone jack of an iOS or Android devices.
Square is now processing $8 billion (£6 billion) a year in credit and debit card transactions.
Once Starbucks starts using the service, those numbers are likely to go through the roof.