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squarePayment service startup Square is the latest company to hit a $1 billion valuation, reports TechCrunch.

According to TechCrunch’s sources, the startup is raising a new investment round of at least $50 million to bring the company’s valuation upward of $1 billion. However, it’s too soon, the sources said, to know exactly how high the round of funding will go as the company is rumored to be meeting with additional investors.

Square’s service lets merchants process credit card transactions on iPhone, iPad and Android devices by using a magnetic strip reader accessory that plugs into the audio jack.

The startup, which launched publicly in May 2010, currently processes over $3 million-worth of mobile transactions per day, according to Square CEO Jack Dorsey. The company’s total investment to date is $37.5 million, which does not include an undisclosed strategic investment from credit card giant Visa in April.

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