Square Raised $US150 Million At A $US6 Billion Valuation

Jack dorsey 9:13Getty Images/Bill PuglianoJack Dorsey, founder and CEO of Square

Payments startup Square has raised $US150 million at a $US6 billion valuation, in a recently closed funding round led by the Government of Singapore Investment Cooperation, reports Mike Isaac at The New York Times.

This report aligns with an earlier filing that showed that Square had raised at least $US100 million in a then-unclosed round.

The Times’ sources say that new investors in the round include Goldman Sachs and Rizvi Traverse Management.

Square confirmed the round, though not the amount or the valuation.

“We stand for independent businesses and will continue to invest aggressively to empower them with tools that help them grow,” a Square spokesperson told Isaac.

Generally, it’s been a tough year for Square, between a mix of bad press and increasing competition. Amazon recently launched a new card reader device that undercuts Square on transaction fees, and Apple just entered the mobile payments arena with Apple Pay. eBay also just announced that it would spin PayPal into a seperate company next year to better tackle the payments space.

Square’s main product is a white dongle that can attach to smartphones and accepts credit cards, but the company has also ventured into some other areas of commerce, like with Square Capital, where it lends money to small businesses, Square Order, for ordering food from restaurants, and a new product that will turn a receipt into a feedback platform.

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