According to TechCrunch’s sources, the startup is raising a new investment round of at least $50 million to bring the company’s valuation upward of $1 billion. However, it’s too soon, the sources said, to know exactly how high the round of funding will go as the company is rumored to be meeting with additional investors.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":297361,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,entrepreneur,mobile,","session":"A"}']Square’s service lets merchants process credit card transactions on iPhone, iPad and Android devices by using a magnetic strip reader accessory that plugs into the audio jack.
The startup, which launched publicly in May 2010, currently processes over $3 million-worth of mobile transactions per day, according to Square CEO Jack Dorsey. The company’s total investment to date is $37.5 million, which does not include an undisclosed strategic investment from credit card giant Visa in April.
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