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25 July, 2012 - 09:52
Square to close $200m funding round
Square is on the verge of closing a $200 million funding round that would value the dongle and app-based mobile card reader startup at $3.25 billion, according to the New York Times.
The round will be led by Suhail Rizvi from private equity firm Rizvi Traverse Management, which has previously invested in Square chief Jack Dorsey's other company, Twitter, says the Times, citing sources.
The new money suggests that Square has doubled its value since raising $100 million in a round valuing it at around $1.6 billion a year ago but the firm had been seeking investment at the $4 billion mark, says the Times.
