Square Reportedly Seeks to Raise Cash from Singapore Investors

Square is seeking to gain about $200 million in funding, with part of that coming from the Government of Singapore Investment Corporation, according to CNBC.

The investment would value the mobile payment company at $6 billion, the article said, citing anonymous sources. Square did not respond to an inquiry from PaymentsSource by deadline. Its earlier investors include Visa and Starbucks.

The infusion would come at a time of transition for Square, which in the past few months has discontinued its mobile wallet app, Square Wallet, in favor of another app called Square Order. It also reportedly built, then killed, a plastic card.  

The company also faces fresh competition from Amazon.com, which has entered the mobile point of sale market with a pricing scheme that attempts to undercut Square.

Square has made a number of moves to remain competitive, including offering credit to merchants, redesigning its person-to-person payment app and signaling its support for EMV-chip payment cards.