James Delahunty
29 Jun 2011 19:08
Twitter co-founder's mobile payment service gets 9-figure investment.
In the financing round, led by Kleiner Perkins Caufield & Byers, Jack Dorsey's Square service secured $100 million. Square enables people to use their mobile phones to accept credit card payments from others. Visa has previously invested in the company (though the sum was never disclosed).
Former U.S. Treasury Secretary Lawrence Summers sits on the Square board.
Mobile payment services are starting to roll out and everybody wants to get their share of the pie. Square is in a business where it has many competitors, and plans to use the new financing to accelerate its growth, according to Dorsey, who acts as CEO.
To use Square, you need to sign up to get a free Square card reader (shown in picture). The card reader attached to your phone or iPad. A free application is available for iOS (iPhone) or Android devices. There are no contracts, monthly fees or merchant fees, when you use a card with Sqaure there is just one 2.75 percent fee.