Square, the payment processing service that allows merchants to accept payments using their mobile devices, has secured funding from Sir Richard Branson to further promote its expansion in the realm of digital commerce.
The company announced that it had secured the funding this past Tuesday from the founder of the Virgin Group empire, though the actual amount of the investment wasn’t disclosed. The funding comes on the heels of Square having closed a $100 million Series-C financing round from venture capital firm Kleiner Perkins Caufield and Byers.
“I’m very passionate about helping people start and grow successful businesses, and Square is an incredible technology that inspires and empowers everyone to be an entrepreneur,” said Sir Richard Branson in a statement.
Square: Payment Acceptance Anywhere
For those unfamiliar with Square, its a digital payments services that allows merchants to accept payments using a small credit card reader that attaches to mobile devices. The company was founded by entrepreneur Jack Dorsey, who was also responsible for co-founding the microblogging platform Twitter. Since launching back in 2009 the company says its shipped over 800,000 card readers and processes over $2 billion in mobile payments annually.
In practice, Square helps merchants reduce the costs of conducting commerce while at the same time allowing for payments anywhere a wireless phone signal is present. At the time the company officially launched Dorsey indicated that he’d created the service to “allow people to very easily and quickly, within 10 seconds, be able to accept these plastic devices as payment.”
This past May Square also launched a separate service called Card Case, a mobile wallet service that enables consumers to create virtual tabs with participating businesses on their mobile phones. Through the payments service merchants are able to verify a customers’ identity with pre-stored information and collect payments instantly without the need for credit or debit cards. For those signed up for Card Case, making payments is as easy as giving a merchant your name.