Tuesday, June 28, 2011

Square Raises $100 Million for Mobile Payments

Square, a start-up based in San Francisco, raised $100 million in Series C financing for its mobile payment service.

Square launched in early 2010 as an innovative way for individuals and businesses to accept payments on their mobile devices using a free card reader and application.

Square currently offers three products; the Square reader, register and card case. The Square reader takes only minutes to set up and enables anyone to accept payments anytime and anywhere on their iPhone, iPad and Android phones. The Square register for iPad serves as a full point of sale system for businesses to accept payments, track inventory, and share menu and location information. The Square card case is the neighborhood way to pay
that enables individuals to open a tab at their favorite local merchants, store digital receipts, and browse nearby directory and menu listings.

The round was led by new Square investor Kleiner Perkins Caufield & Byers with participation from Tiger Global Management, LLC.

"Square is eager to continue our momentum and we are proud to have the support and expertise of KPCB among our team of investors and advisors," said Jack Dorsey, Square CEO. "Our goal is to empower everyone to accept payments anywhere, and we are on course to accelerate our growth in a meaningful way."http://www.squareup.com