Sequoia Leads $27.5 Million Round In Mobile Payments Startup Square

Lundi, 10 Janvier 2011 20:21

Sequoia Leads $27.5 Million Round In Mobile Payments Startup Square

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We recently reported that Jack Dorsey’s mobile payments startup Square was in the process of raising a new round of funding at a $200 million valuation. Today, Square’s general manager Keith Rabois tells us that the company has officially closed its largest round of funding

to date, raising $27.5 million in new funding led by Sequoia Capital with exiting investor Khosla Ventures participating in the round. Sequoia partner Roelof Botha has joined Square’s board of directors. We’ve heard from sources familiar with the matter that the Square’s valuation in the round was around $200 million.

Square has steadily gained traction as a simple payments option for small businesses and is processing millions of dollars a week in transactions.

By way of history, The brainchild of Dorsey and Jim McKelvey, Square was unveiled last December as a small credit card reader that could turn any iPhone into a mobile cash register. The startup unveiled apps for the iPad, Android and iPhone.

Square initially launched as a private pilot limited to only 50,000 users and launched to the public last Fall. Dorsey also brought on PayPal and Slide veteran Rabois as General Manager in August.

Botha’s addition as a board member makes sense considering his experience as CFO of payments giant PayPal.

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