Mobile pay start-up Square valued at $1 bln: report

Jun 29, 2011

A group of investors plan to buy a stake in Square that would value the mobile payment start-up at $1 billion even as it competes with much larger rivals, the Wall Street Journal reported Wednesday.

The led by Kleiner Perkins Caufield & Byers was to announce as early as Wednesday the purchase of a $100 million stake in the company, which was founded just eight months ago, the newspaper said.

The company is struggling to fend off the likes of Google, Intuit, eBay and PayPal as it muscles into the emerging market.

But it has a certain prestige owing to its co-founder and chief executive officer, 34-year-old Jack Dorsey, who has been a Silicon Valley star since he helped found the popular micro-blogging website Twitter.

The company markets a pocket-sized credit card reader that can be plugged into a smartphone to allow anyone to accept credit or debit card payments on the spot.

Explore further: Judge approves $450 mn deal in Apple ebook suit

add to favorites email to friend print save as pdf

Related Stories

Payment startup Square rolls out iPad sales app

May 23, 2011

(AP) -- First, mobile payment service Square made it easier for merchants to accept credit cards anytime, anywhere, with just a smart phone and a tiny, plastic credit-card reader. Now the startup led by Twitter co-founder ...

Swipe Your Credit Card on a Cell Phone

Dec 07, 2009

(PhysOrg.com) -- With a small card reader that attaches to a cell phone, a new company is making it easier for small businesses and even individuals to accept credit card payments. The San Francisco start-up, ...

Recommended for you

Dish restores Turner channels to lineup

15 hours ago

Turner Broadcasting channels such as Cartoon Network and CNN are back on the Dish network after being dropped from the satellite TV provider's lineup during contract talks.

'Call of Duty' blasts past $10 bn in sales

Nov 20, 2014

Blockbuster military shooter video game "Call of Duty" has blasted past $10 billion in lifetime sales, propelled by demand for the latest installment in the 11-year-old franchise.

Square's point-of-sale service goes global

Nov 20, 2014

Financial services startup Square is taking aim at cash registers across the globe, making its point-of-sale software available internationally in English, Spanish, French and Japanese.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.