Square is a new mobile payment service that was founded by Jack Dorsey and Jim McKelvey. Dorsey is best known for being a co-founder of Twitter too. Before the company started, Square raised $10 million in funding with a $40 million valuation. The lead investor of the $10 million funding round was provided by Khosla Ventures. This is former Facebook CFO Gideon Yu’s first major investment since joining Khosla in late August.
Square will allow businesses to accept credit card payments without contracts, monthly fees, or hidden costs. Square also has photo verification of the credit card holder. The company also has a device with a chip in the form of an audio input jack that can act as a way to accept payments. Visa, Mastercard, and American Express are already on board with Square.
Celebrity and power Twitter user Alyssa Milano of Who’s The Boss fame (pictured below) is also serving as an adviser to Square. Other advisers include Susan Wu (Ohai.com), Ted Wang (Twitter lawyer), Ryan Gilbert (Payment services entrepreneur and EIR at Venrock), Greg Kidd (Twitter angel investor), and Jeremy LaTrasse (Twitter Head of Ops).