Square Raises $100 Million, Now Worth More Than $1 Billion


Hot mobile payments startup Square has announced that it has raised $100 million in venture funding, valuing the company north of $1 billion.

The Series C round was led by prominent venture capital firm Kleiner Perkins Caufield & Byers. KPCB partner Mary Meeker will be joining Squares board of directors, according to The Wall Street Journal.

The new round of funding means that Squares value has quadrupled in the last six months. In January, the company raised $27.5 million in a Series B round that valued the company at $240 billion. That means the companys value has increased by more than $4.5 million ever day since January 10.

Square has been on a tear recently, though. N! ot only did it add former U.S. Treasury secretary Larry Summers to its board, but it processing $4 million in mobile payments every day and expects to process $1 billion within the next year. It recently released a pay-with-your-name payment system.

The company is led by Twitter co-founder and executive chairman Jack Dorsey.

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