Square has raised an additional $150 million in capital, valuing the six-year-old San Francisco payments company at $6 billion, reports The New York Times. Square, which was co-founded by Twitter’s Jack Dorsey, has now raised roughly $500 million, giving it a hefty war chest to compete against a smattering of other well-funded companies in the mobile payments sector, including Amazon, PayPal and Apple’s new Apple Pay.
It takes money to make money, or so the saying goes. And Square, the e-commerce start-up, wants to make a lot more money. The company recently closed a venture financing round of $150 million, according to a person briefed on the investment, who spoke on condition of anonymity because he was not authorized to speak publicly. The round values Square at $6 billion, the person said. This latest round, which was led by a new investor, the Government of Singapore Investment Corporation, places Square in the company of Internet start-ups like Pinterest and Spotify, which also have valuations around $5 billion to $6 billion. Some previous investors, including Goldman Sachs and Rizvi Traverse Management, also participated in the round, according to this person.