Innovative payment company Square, fresh off of raising $100 million in funding last year for a $1 billion valuation has set its sights much higher. This time around, the target is institutional investors as these represent the parties with enough clout to meet CEO Jack Dorsey’s lofty goals.
Various news sources including some shoddy independent paper known as the New York Times have reported that Square is attempting to raise an expected $250 million at an expected valuation of $4 billion. The aforementioned CEO Dorsey along with COO Keith Rabois have met with heavy hitters Fidelity and Legg Mason on the East coast over the past few days.
The motive behind the funding tour is purely speculative at this point, however there is no denying the power and potential Square possesses. The company allows anyone with a smartphone or tablet device to accept credit card payments using free credit card readers that plug into said devices. This in concert with a lack of extra equipment and complicated fees and contracts makes Square a veritable dream for an ever increasing group of small and medium sized enterprises. Add to this the fact that we as a society are reverting to credit and debit cards more than ever, and Square’s future is both bright and exciting.
It will be interesting to see where this company moves with cash coming their way.
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