Square, which has developed a portable credit card reader for iPhones, iPads and Android, has closed out its series D financing round from Citi Ventures, Rizvi Traverse Management, Starbucks and others.
The company didn’t release the terms of the deal. But Tricia Duryee at All Things D reports that the three-year-old San Francisco payments company raised $200 million at a $3.25 billion valuation.
We reported on Starbucks’ involvement in the company last month, noting that Howard Schultz had joined the board and that the coffee retailer planned to use the Square technology at its company-owned stores beginning later this year. As part of the deal, Starbucks invested $25 million in Square.
“As the largest retail mobile payment platform in the U.S., we’re excited and proud to accept payments with Square,” said Schultz at the time. “The evolving social and digital media platforms and highly innovative and relevant payment capabilities are causing seismic changes in consumer behavior and creating equally disruptive opportunities for business.”
Here’s the full press release that Square issued this morning:
Square, the company revolutionizing commerce, announced today that it has closed its Series D financing round. Investors participating in the round include Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee Company.
One year ago, Square had approximately 150 employees and processed over $1 billion in payments on an annualized basis. Today, Square has over 400 employees and is processing over $8 billion in payments on an annualized basis.
Square’s growing revenue and workforce precedes the company’s plans for international expansion later this year.