According to documents filed with the US Securities and Exchanges Commission on Friday, US-based mobile payments technology startup Square has closed its series B and C rounds of funding.
The series B round, led by Sequoia Capital and participated in by Khosla Ventures, raised $31.7m, while Square’s series C round garnered $100m of funding in June from Khosla, venture capital firm Kleiner Perkins Caufield Byers and investment firm Tiger Global Management.
In addition, chief operating officer Keith Rabois revealed to financial website TechCrunch in April that payment technology company Visa had also made a strategic investment in Square. Added to seed financing received in 2009 from venture capital firms Kholsla and First Round Capital, along with several angel investors, Square has raised more than $140m since its launch.
Square’s card-reading device allows users to accept credit card payment through mobile devices, charging a 2.75% fee per transaction. Keith Rabois told news agency AFP that Square is currently used by about 750,000 merchants.