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Low-cost payment processing service Square just secured its own low-cost credit source.
The company has secured a revolving credit line with Goldman Sachs leading the deal and Morgan Stanley, JPMorgan Chase, Barclays, and Silicon Valley Bank also participating, according to a CNBC report.
Square will be getting access to about $200 million through this new deal, according to CNBC’s sources.
“Securing access to low-cost capital always makes financial sense, even for a well-capitalized company like Square,” said the company to CNBC.
To date, Square has raised a total of $241 million in equity-based venture capital. Its most recent and fourth round happened in September 2012, when it took a $100 million debt round from Goldman Sachs, Morgan Stanley, and the like.
The company was founded in 2009. It started out by making credit card processing accessible and affordable for small businesses and has since expanded into offering a mobile wallet app and a cash payment services through email.
Square is a revolutionizing millions of everyday transactions between buyers and sellers with its free credit card reader for iPhone, iPad and Android devices. Square for iPad services as a full point of sale system for business to acc... read more »
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