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.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more