Payments platform Square has released a number of new stats today, as well as good news for merchants using its mobile payments app to accept credit cards. According to a Bloomberg report, Square is now processing $5 billion in annual payments (or around $416 million in payments per month), which is up from $4 billion in annual payments in March. And payment volume is up 25 percent over the past month.
Square also says that it will be making funds available in merchants’ bank accounts the next business morning (for any sales made before 5 pm), while other merchant processors can take 2 to 5 business days to get merchants their money. This is a big win for merchants, who now have access to their sales revenue immediately.
And last week we heard that Square is looking to raise around $250 million funding at a $4 billion. Square’s CEO and co-founder Jack Dorsey and COO Keith Rabois just wrapped up the 10-day trip to the East Coast to meet with institutional investors, including Fidelity and Legg Mason.