mPOS player Square has raised $150 million in a funding round, led by the Government of Singapore Investment Corporation. The funding round values Square at $6 billion. Existing investors Goldman Sachs and Rizvi Traverse Management participated in the round.
Square has raised $150m in funding
The new funding round comes amid a frenzy of activity in the mPOS space, following launches by Amazon, and the long-awaited entrance of Apple into mobile payments with the launch of Apple Pay on the iPhone 6 handset. Just this week, it was announced that online auction place eBay would be spinning off its e-commerce arm PayPal, which has also entered the mPOS fray.
Rumours have dogged Square in recent weeks that it was running out of money. Despite revenues of $550 million in 2013, the firm’s losses were around $100 million. Square has also gone through more than half of the $340 million it has raised since 2009 as it struggles to make profit on the 2.75% fees it charges merchants.
The post mPOS player Square raises $150 million funding appeared first on Payments Cards & Mobile.
