Mobile payments company Square is getting close to raising about $200 million in a round of funding led by Rizvi Traverse Management according to The New York Times. Square would have a valuation of $3.25 billion, which is double what they were worth about a year ago.
Square CEO Jack Dorsey and COO Keith Rabois have been spotted making trips to Boston and Baltimore to talk to companies like Fidelity and T. Rowe Price. Those two companies have been hit hard by weak IPOs from Facebook, Groupon, and Zynga though. Usually those companies take the profits from those deals to invest in other tech companies, but they have been unable to do so this time around. Rizvi Traverse is run by Suhail Rizvi.
Rizvi is flush with cash by selling talent agency ICM and Summit Entertainment. Rizvi also has ownership in Facebook and Twitter. Square currently has an annualized rate of $6 billion in transactions per year. Square now has over 350 employees after hiring 33 people last week.