There are a bevy of startups in the process of raising big rounds of capital at billion dollar or higher valuations – something that was a rare occurrence even a few months ago. We’re tracking most of these deals (and have written about the ones we’ve confirmed). Now, we’ve confirmed via multiple sources, is payment startup Square’s turn.
The company is raising $50 million or more, says sources, at a valuation that will likely be north of $1 billion. It’s still fairly early in the process, though, and the company is rumored to be meeting with additional venture and private equity firms to either fill out the round or encourage a higher valuation. But at least one term sheet has been received by the company, says one source.
COO Keith Rabois was in a particularly chipper mood when he sat down with me two weeks ago at TechCrunch Disrupt to talk about how Square is doing.
Which isn’t surprising. The company is on a roll. They’re processing more than $3 million per day in mobile payments, and that was announced prior to their new iPad payments service which can replace the entire cash register system at retail merchants.
To date Square has raised more than $37.5 million (the size of a recent investment by Visa hasn’t been disclosed). The last round, closed in January, valued the company at a rumored $240 million valuation.
Square is a revolutionary service that enables anyone to accept credit cards anywhere. Square offers an easy to use, free credit card reader that plugs into a phone or iPad. It’s simple to sign up. There are no extra equipment, complicated contracts, monthly fees or merchant account required. Co-founded by Jim McKelvey and Jack Dorsey in 2009, the company is headquartered in San Francisco with additional offices in Saint Louis and New York City.
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