Square Closes $200M Round from Starbucks, Others

San Francisco-based mobile payments company Square announced today that it has closed its Series D financing round with a reported $200 million, more than doubling the amount it’s raised in venture capital. While the company’s meager, three-paragraph press release did not disclose the amount of the round, news outlets have put the financing at $200 million. The Wall Street Journal‘s AllThingsD blog has pegged the company’s new valuation at a gigantic $3.25 billion, citing sources.

Investors in the round include Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee Company. Starbucks announced in early August that it would begin using the Square service to process all U.S. credit and debit card transactions. At the time, Starbucks said it would put $25 million into Square as part of the deal, investing in the Series D round. The latest infusion will help fund Squares plans for international expansion.

Co-founded by Jim McKelvey and Twitter co-founder Jack Dorsey in 2009, Square has previously raised more than $140 million in venture capital, from investors including Sequoia Capital, Kleiner Perkins Caufield & Byers and First Round Capital.

 

PRESS RELEASE

Square, the company revolutionizing commerce, announced today that it has closed its Series D financing round. Investors participating in the round include Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee Company.

 

One year ago, Square had approximately 150 employees and processed over $1 billion in payments on an annualized basis. Today, Square has over 400 employees and is processing over $8 billion in payments on an annualized basis.

 

Square’s growing revenue and workforce precedes the company’s plans for international expansion later this year.

 

About Square, Inc.

Square is revolutionizing millions of everyday transactions between buyers and sellers with its free credit card reader for the iPhone, iPad, and Android devices, allowing anyone to accept credit cards anywhere, anytime. Square Register serves as a full point-of-sale system for businesses to accept payments, track inventory, and share menu and location information. Pay with Square is the most seamless way to pay, enabling individuals to pay with their names at their favorite local merchants, discover nearby businesses, explore menu listings, and store receipts. Founded in 2009, and headquartered in San Francisco, Square is currently available only in the U.S. More information is available at squareup.com.

 

 

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