[Paiement mobile] Square formalizes $ 200 million fundraising
After many summer rumors, the start-up Square, specializing in mobile payment, has just formalized a fourth round of funding of $ 200M. According to the blog AllThingsD, which reports the information, this round of financing would value the company 3.25 billion dollars.
As the Wall Street Journal previously indicated, the round table was notably led by Rizvi Traverse Management. This private equity company is notably known for having previously invested in Twitter or Playboy. Square also welcomes Citi Ventures and Starbucks Coffee to its board.
An announcement that therefore confirms that of Starbucks. Indeed, the chain of cafes declared on August 8 that they had invested $ 25M in Square. The investment was also accompanied by a partnership that should allow Starbucks customers, starting next fall, to pay by simply saying their name at the checkout. Their smartphone should take care of the rest.
Founded three years ago in San Francisco by Jack Dorsey (executive chairman of Twitter), Square first completed a fundraiser valuing it $ 240M, then a second of $ 100M in summer 2011, which valued it close to $ 1, $ 6 billion.
Via this heavy successive funding, the mobile payment solution would seek to impose itself on a market occupied by many major players, like Google with Google Wallet, Intuit or even Paypal.
In the first six months of 2012 alone, Square would have seen its number of users almost doubled to reach 2M people. The company now has 400 employees and could be at the origin, by the end of the year, of more than 8 billion dollars of transactions, against 1 billion the previous year.
Thanks to this capital increase, Square intends, in the short term, to expand its activity internationally.