Square Secures $100 Million Investment: Fortune

Square has raised $100 million in funding at a valuation of about $6 billion, according to Fortune, which attributed the news to market data source VCExperts.com

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The San Francisco-based Square also issued 6.4 million in new Series E share at around $15.46 per share, compared to the $11.01 per share paid for Series D share in late 2012, Fortune reported today.

The buyers of the latest round were not identified, but Square has reportedly been seeking up to $200 million in new investment from sources such as the Government of Singapore Investment Corporation (GIC).

Fortune reported this new $100 million is mostly from GIC, adding Square has verbal commitments for the other $100 million.

As mobile card acceptance starts to become commoditized, Square has been expanding its product line to include more revenue-generating merchant services amid fresh competition from the large companies such as Amazon and Apple.

Square did not immediately respond to a request for comment.

John Adams

Executive Editor, Payments

John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech... Read full bio

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