According to the source, filings in September 2014 showed Square was set to raise at least USD 100 million, but the deal wasn’t done just yet. Now a Square spokesman has confirmed the raises to the New York Times, led by new investor the Government of Singapore Investment Corporation (GIC). This puts Square at a USD 6 billion valuation. Goldman Sachs and Rizvi Traverse Management also participated in the round.
This last round is right on the heels of Apple’s new payments reveal and a split between payment rival Paypal and eBay. There were earlier rumors that Apple and Square were in acquisition talks but that Square walked away.
The source has also reported a few weeks back that Square’s valuation has fallen behind its payment processing rate. Square is expected to process USD 30 billion in 2014. It reportedly totaled USD 20 in 2013. The valuation at the time was at USD 5 billion.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now