The round was led by venture capital firm Sequoia Capital and Khosla Ventures.
According to the same source, Square’s valuation in the round was approximately USD 240 million, higher than the previously estimated USD 200 million
The company is planning to use the new funding for a hiring round, aiming to bring in more engineers and designers to Square. In addition, the investment is expected to be used for sales and marketing purposes, the source reports.
Square allows iPhone or iPod Touch users to accept on-the-spot credit or debit card payments. A small device attaches to the audio input jack of the handset and users swipe the card through the device to accept a payment. Square aims to allow individual users and small business owners in particular to accept credit card payments without the need to open a merchant account.
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