Hip to be Square with $200 Million
Payment technology and service provider Square has raised $200 million as part of a Series D round (bringing its total to an estimated $325 million) that included $25 million from Starbucks.
While backed by some big names including Visa and Chase, it will need much of that $200 million to quell the inevitable grand marketing push made by its equally well-funded competitors - we're looking at you Ebay and Google.
The funding, according to insiders, comes from Citi Ventures, Rizvi Traverse Management and the previously mentioned Starbucks. Square has seen incredibly rapid growth - 300 new employees - and accelerated use in the past year, powering over 8 billion in transactions.
Square is most certainly a disruptive force in the payments market. The company offers a reasonable 2.75% swipe fee, no additional fees, next-day deposits and the best part, a free card reader.