Square Valued at 3.25 Billion, Raises $200 Million In Latest Round Of Funding, Is Also Ready To Take Over The World
Closing its fourth round of funding, the mobile credit card processing company just raised $200 million, making it worth a staggeringly large $3.25 billion. The company, built by Jack Dorsey of Twitter fame, allows anyone with an iPhone, iPad, or other compatible mobile device, to accept credit cards. Square is widely seen as the industry leader in the mobile payment-with-a-dongle space (I just made that term up), as evidenced by other dongles released shortly thereafter by the likes of PayPal and Intuit, among others.
In what may come as no surprise, the COO of Square, Keith Rabois, is on record at All Things D, saying that the transition from current registers and point of sale devices (like ATM card-swiping devices) to iPads or other tablets will happen within the next year and a half. Square’s partnership with Starbucks is only the first of the steps being taken actively by Square to make this a self-fulfilling prophecy.