Square Closes That $100 Million Round, Mary Meeker Joins Board

It’s official. Jack Dorsey’s Square has joined the billion dollar valuation club. The mobile payments startup closed a $100 million series C led by Kleiner Perkins, a story we broke a few weeks ago. The new round values Square above $1 billion.

Tiger Management is also an investor. And Mary Meeker, the former Morgan Stanley Internet analyst who is now a partner at Kleiner, will get a board seat. She will join other new board members Vinod Khosla and Larry Summers.

Square is bringing credit card payments to a new class of merchants and, eventually consumers. It’s shipped more than 500,000 credit card readers, is processing more than a million transactions per month, and more than $3 million a day. It recently launched an iPad app to replace cash registers and Square devices are now sold in Apple Stores.