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September 18, 2012updated 04 Apr 2017 4:13pm

Square brings in $200m in funding

Mobile payments companySquare said it has closed a funding round joined by Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee Company. The funding is thought to be worth a total of $200m, according to US media reports Last month Starbucks announced it invested USD 25m as part of a deal to replace transaction systems in the US and use Squares payer app

By Sara Perria

Mobile payments company Square said it has closed a funding round joined by Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee Company.

The funding is thought to be worth a total of $200m, according to US media reports.  

Last month Starbucks announced it invested USD 25m as part of a deal to replace transaction systems in the US and use Square’s payer app.

The two-year-old start-up said it has almost tripled its staff in one year, up to 400 employees. At the same time the volume of payments processed by the company has rocketed, jumping from USD1bn to USD8bn per year.

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

 

 

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