Square Due For A Generous Round Of Funding

In the wake of its recent public release, credit card payment app Square is expected to raise big bucks in an upcoming but still unannounced series B funding round. Launched almost a year ago, Square enabled iPhones and other handheld devices to process credit card payments. This is possible thanks to a small white clip that works as a mini credit card scanner plugged into the audio jack. (See the pic to the left.)

After all those months in beta, the word on the street is Square is a certified hit. Even if the user base was limited to just 50,000 people, millions of dollars worth of payments are already being made thru Square. Square’s rising profile must mean it’s ripe for a good dose of venture funding, an idea general manager Keith Rabois has endorsed using vague wordage by stating “We are getting an email per day from interesting investors and there are certainly lots of interesting things one could do with more capital.”

Despite this, mum’s the order of the day on any money coming from anyone at the moment, though it is believed a hefty $25 million is due Square any time now. The genius of Square, which was co-founded by the-man-behind-Twitter Jack Dorsey, is it allows small businesses to receive card payments in a snap. In fact, most of Square’s users belong to the SME fold.

With a lot of momentum powering it these days, expect Square to get more media mileage when some VC out there finally plops down serious capital.

Via: Business Insider