Square valued at USD3.25 billion in latest funding round

Funding

Mobile payment service Square has raised a new round of funding that reportedly values the firm at USD3.25 billion, more than doubling the value of its business in the space of a year as interest in the mobile payments space continues to increase. Square landed USD200 million from backers including Citi Ventures, Rizvi Traverse Management and new partner Starbucks, confirming rumours that the firm was looking to raise a fresh round of funding. The investments comes as the company, which claims that it is now processing more than USD8 billion worth of mobile payments using its plug-in card reader and mobile app, faces increasing competition from the likes of eBay’s PayPal in the US.

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