Square Secures $100M Round, Led by Kleiner Perkins

by Mercator Advisory Group 0

Square is on a tear. Doubling its daily processing volume to $4 million in just two months, the Jack Dorsey led outfit is also making sure it has the funding to see it through what will become a more competitive environment.

Square is going after established software vendors who sell point of sale systems and their well-established reseller channels. Square is also going after mobile payment processors and gateways selling both directly and through ISOs and other channels. While Square’s direct model is very attractive from a cost basis – and what’s not to like about the app store distribution system – it is going to get harder for the company to win sufficient business to justify the whopping $1 billion valuation it has just gained.

Mary Meeker, the long-time Internet stock analyst and current Kleiner Perkins partner, is joining Square’s board. Earlier this month, former Obama advisor (and Harvard president) Larry Summers joined Square’s board.

There’s obviously a huge opportunity here, and Square seems to be moving as fast as it can to grab as much of the market as it can.

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