Twitter co-founder Jack Dorsey’s technology company Square, which enables e-payments anywhere, has raised US$100m in Series C funding, valuing the company at more than US$1bn.
The marketplace for mobile device payments is beginning to open up and last week Google chairman Eric Schmidt said the market could be worth US$1trn within a few years as various platforms, including near field communications (NFC) and iOS-styled browser payments, make it easier and simpler for people to buy goods and services electronically.
Kleiner Perkins Caulfield & Buyers leads the US$100m investment in Square.
Square tweeted the investment news this morning.
Dorsey, who co-founded Twitter with Biz Stone and Evan Williams, is CEO of both Square and Twitter.
Square’s principal product is a small, square device that can be attached to any iPhone, iPad or Android device via the headphone jack and allows people to swipe their credit card, choose an amount to be given to the recipient and then sign their name for confirmation.
The technology can also be used for sending wireless payments via text message or email, as a free app for iOS or Android devices.