Square just closed the Series E round it had been raising. Filings in September showed the e-commerce payments company was set to raise at least $100 million, but the deal wasn’t done just yet. Now a Square spokesman has confirmed the raises to the New York Times, led by new investor the Government of Singapore Investment Corporation (GIC). This puts Square at A $6 billion valuation. Goldman Sachs and Rizvi Traverse Management also participated in the round, according to the same source.
This last round is right on the heels of Apple’s new payments reveal and a split between payment rival Paypal and eBay. There were earlier rumors that Apple and Square were in acquisition talks but that Square walked away.
As we reported a few weeks back when the filings first popped up, Square’s valuation has fallen behind its payment processing rate. Square is expected to process $30 billion this year. It reportedly totaled $20 in 2013. The valuation at the time was at $5 billion.
The card payment processing realm may get even tighter in the next little bit. Amazon has also challenged Square with its own version of a card reader this year called Local Register. Eventbrite also has it’s own version of a card reader and app but says it plans to stick to just venue payments for now. That could change in the future.