All the sessions from Transform 2021 are available on-demand now. Watch now.
When I emailed a Square spokesperson about the story, they declined to comment. TechCrunch says Sequoia Capital is leading the round after beating out some of Silicon Valley’s other top firms, including Kleiner Perkins Caufield & Byers and Benchmark Capital.
The San Francisco startup makes a credit card reading device that can be attached to your Android phone, iPhone, iPod Touch, or iPad. One of the big challenges for Square (and competitors like FaceCash) is recruiting businesses to use the service, but it’s trying to overcome that difficulty by offering the card reader for free, then charging a small fee on each transaction. Back in November, the company said it was processing millions of dollars in transactions every week.
Square may be facing some legal challenges, because Washington University professor Bob Morley, who says he developed the technology with Square’s founders, was recently granted a patent that’s key to Square’s business.
The company’s previous investors include Khosla Ventures, Google executive Marissa Mayer, Foursquare co-founder Dennis Crowley, Twitter co-founder Biz Stone, Digg creator Kevin Rose, and many others.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more