A technology company racing to become the default “wallet” on mobile devices has been valued at $3.25bn in its latest fundraising, confirming its status as one of Silicon Valley’s hottest start-ups.
Square, a San Francisco mobile payments company started and led by Jack Dorsey, the co-founder of Twitter, has raised $200m in new funding, giving it the $3.25bn valuation, according to people familiar with the matter.
It will use the money to focus on international expansion as it seeks to secure its technology as the default “mobile wallet”. Square faces fierce rivalry from global companies that are hunting for ways to turn consumers’ smartphones into all-purpose payment systems.
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