Mobile payments
company Square said it has closed a funding round joined by
Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee
Company.
The funding is thought
to be worth a total of $200m, according to US media reports.
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Last month Starbucks
announced it invested USD 25m as part of a deal to replace
transaction systems in the US and use Square’s payer
app.
The two-year-old
start-up said it has almost tripled its staff in one year, up to
400 employees. At the same time the volume of payments processed by
the company has rocketed, jumping from USD1bn to USD8bn per
year.
Square said its growing
revenue and workforce “precedes the company’s plans for
international expansion later this year”.
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