Square Raises USD 150M Series E Round at USD 6B Valuation

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The six year old e-commerce start-up, Square has raised USD 150 million in Series E funding round at a valuation of USD 6 billion led by Government of Singapore Investment Corporation (GIC). The other investors Goldman Sachs and Rizvi Traverse Management were also participated in the round.

As per New York Times report, “We stand for independent businesses and will continue to invest aggressively to empower them with tools that help them grow,” a Square’s spokesperson stated.

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In April this year, the company had secured USD 100 million in Debt financing. Recently, it had received USD 200 million in Series D, USD 103 million in Series C, USD 27.5 million in Series B and USD 10 million in Series A funding round. Till date, including this round, Square has a total funding of USD 590.5 million in 7 rounds from 33 investors.

In May, it launched Square Capital, a cash advance program for small businesses. The company had also acquired Caviar, a start-up that provides food delivery for restaurants. Square plans to reveal a new card reader that is compatible with E.M.V microchip technology and also looks to accept Apple Pay Payments. The company is having about 15 competitors including Paypal, Google Wallet, Intuit, Jusp, SumUp, ClientBiller, Lipman, Dwolla, mPowa among others.

In August this year, Amazon had unveiled a Credit Card Reader and mobile app called Amazon Local Register to Compete with Square and Paypal.

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