Digital cash register and wallet Square may be in the process of raising another $100 million dollar round as competition heats up in the digital payments sphere.
Not much is known about this potential new round of funding, except that it could raise Square’s valuation to $6 billion. Jack Dorsey reportedly signed off on the sale of a new round of stock valued at $15.46 a share, according to Forbes.
This contrasts recent rumors that alleged Square was raising a $200 million round at a $6 billion valuation. To date the company has raised over $440 million dollars.
Square has been building up a portfolio beyond its cash register to include analytics, scheduling, and invoicing tools. The company has also built an investment arm to lend money to small businesses. Most of its newest features focus on serving small businesses. But let’s not forget about Square’s peer-to-peer money exchanging app, Square Cash, which just rolled out a new pay by text feature.
Apparently these additions are edging out the competition by providing a more robust product offering to its consumers.
Lately it seems every company is in digital payments. Google, Apple, and eBay are trying to offer the best method for sending cash quickly and seamlessly, and those are only the big companies. Square, which has been around since 2009, hasn’t always had success with peer-to-peer transactions. In fact, it shut down Square Wallet earlier this year, replacing it with Square Cash and Square Order, which allows you to place an order before you arrive at a restaurant or cafe.
With the release of Apple Pay, it’s understandable why Square might want to fill up its reserves. Though, apparently Jack Dorsey welcomes Apple’s new NFC payment app. Still, a fresh round of $100 million would only help the company develop more new products in a sea of payment options.