Mobile payments company Square has reportedly raised $100 million in a new round of funding with a valuation of about $6 billion, according to financial filings.
Square launched a service called Cash that allows users to send money to anyone in the U.S. with just an e-mail address. You can send money by CCing email@example.com in an e-mail to the recipient with the dollar amount in the subject line. You can also download the Square Cash app to send money with their phone number.
Mobile payments service Square is rumored to be raising $200 million in funding with a valuation of $6 billion. The Government of Singapore Investment Corporation is reportedly contributing to this round, according to CNBC. There were rumors that Square was planning to go public this year, but it sounds like it is being postponed. Earlier this month, Square wrote a blog post that debunked 10 myths about the company.
Square announced today that it has made a deal with Victory Park Capital to expand its merchant cash advance program called Square Capital. Square will give a cut of the revenue it makes from cash advance fees in exchange for the capital from Victory Park. Square has provided around $50 million in cash advances to about 10,000 businesses so far. Businesses can receive a lump sum cash advance from Square in exchange for a cut of daily transactions made with debit and credit cards.
Square, the mobile credit card reader, wrote a blog post about the top ten negative myths about its service. Square is now in competition with a new Amazon product called Local Register. The Wall Street Journal reported that Square’s losses were huge so it was discussing a potential sale. However, Square says that this is not true.
Mobile payment processing company Square has announced a new vertical business that depends on the vast amount of data that its products collect. The new offering is called Square Capital, which is a service that enables the company to offer cash advances to businesses in its network.
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