Photo: Wikimedia Commons
Square is working on a new big round at a valuation up to $4 billion, says Tricia Duryee of All Things D.Last week we said Square was likely raising a mega-round from institutional investors. The Daily Dot’s Owen Thomas noticed founder Jack Dorsey making quick trips to places like Baltimore, where asset management firm Legg Mason is based.
Square is a credit card reader that helps merchants accept charges via mobile devices. It’s used in restaurants, cabs, and other small business nation-wide.
Square says it’s processing $4 billion worth of transactions annually and $11 million daily (see chart below).
It takes a 2.75% fee when a credit card is swiped and 3.5% plus 15 cents when a card number is manually typed into the device.
10 months ago Square raised $100 million at a $1 billion valuation.
(Chart from Dan Frommer via Splatf)