Square has a basic proposition – turning a phone or tablet into a cash register and thereby empowering merchants who can’t afford traditional systems.
The proposition has sure caught on like wildfire.
Till the month of June of this year Square doubled its user base to 2 million and expects to process $6 billion in transactions per year.
Observers, however, believe that the key to future domination of Square lies with their ‘Pay with Square’ app, which lets users do away with swiping and lets them pay by just saying out their name. Such users, of course, will need to be registered with the retailer from whom they are purchasing.
Square is now looking to add to the $130 million funding it has received so far. As per The New York Times the proposed injection would give it an implied valuation of $3.25 billion. It will be led by Suhail Rizvi of Rizvi Traverse Management.