Square was rumored to be working on its fourth round of funding since months now, at an estimated valuation of $4 billion. However, the disastrous Facebook IPO changed the fundraising market, and we didn’t hear much about that until now. Apparently, Square has announced its fourth round of funding which values it at $3.25 billion, impressive by any standard.
Square has raised $200 million in its Series D round, from investors like Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee Company. It has grown significantly in the past year, and now has a run rate of nearly $8 billion in payments annually. It has grown to nearly 400 employees, and will continue to add more to fuel its expansion.
This latest round brings its total funds raised to around $340 million. It competes primarily with Verifone and PayPal.
They issued a press release announcing the same:
“Square (www.squareup.com), the company revolutionizing commerce, announced today that it has closed its Series D financing round. Investors participating in the round include Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee Company.
One year ago, Square had approximately 150 employees and processed over $1 billion in payments on an annualized basis. Today, Square has over 400 employees and is processing over $8 billion in payments on an annualized basis.
Square’s growing revenue and workforce precedes the company’s plans for international expansion later this year.”