US-based mobile payment company Square is in the process of raising up to $200m in new funding at a valuation of $2bn, CNBC reported on Tuesday, citing sources familiar with the matter.
The round is likely to include sovereign wealth fund Government of Singapore Investment Corporation, though it has not been disclosed whether existing investors including financial services firm Citi, coffee retailer Starbucks and payment services firm Visa will participate.
Founded in 2009, Square produces a range of hardware and software that enables payments online. It was valued at $5bn at the time of a secondary share sale in January in which holding company Groupe Artemis acquired shares.
Square has raised about $340m in equity funding since it was founded, including $200m from Starbucks, Citi Ventures, which acts as Citi’s corporate venturing unit, and Rizvi Traverse Management.
Other existing investors include Kleiner Perkins Caufield & Byers, Sequoia Capital, Tiger Global Management and Richard Branson. It also secured $100m in debt financing in April this year.
The news follows speculation in April that Square had entered talks with internet companies Google, Ebay, Apple and PayPal over a possible acquisition. Square denied the reports, along with rumours it was pursuing a delayed initial public offering in a blog post earlier this month.