Disruptive mobile payments company Square has just brought on a new investor-Sir Richard Branson, founder of the Virgin Group. This comes on the heels of the company’s recent $100 million funding round led by led by Kleiner Perkins Caufield and Byers.
According to Square, Branson “took interest in Square’s rapid growth and novel technology, in particular its free hardware that allows anyone to accept credit card payments anywhere, anytime.”
“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 Branson in a statement.
Square has been on a roll of late, processing over $2 billion in payments annually and signing up 800,000 merchants to use its technology. This year, the company also signed retail deals with Apple, Best Buy, RadioShack, Target and most recently, Wal-Mart retail stores. And the company has added Kleiner partner Mark Meeker, Vinod Khosla and Larry Summers to its board.
Square says it plans to offer its mobile payments technology in international markets in 2012.
The release is embedded below.
Square Welcomes New Investor Sir Richard Branson
Legendary entrepreneur fuels momentum for rapidly growing company
SAN FRANCISCO — November 8, 2011 – Square Inc., the company revolutionizing transactions between buyers and sellers, announced today that world-renowned entrepreneur and philanthropist Sir Richard Branson has become one of its investors. The company recently closed a $100M Series-C financing round led by Kleiner Perkins Caufield and Byers.
Branson, known for his success building hundreds of companies around the world, took interest in Square’s rapid growth and novel technology, in particular its free hardware that allows anyone to accept credit card payments anywhere, anytime.
“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.
Square launched in 2010 as an innovative way for individuals and businesses to accept credit card payments on their mobile devices. The company distributes an elegant and easy-to-use card reader and mobile application, which has seen widespread adoption. Despite having launched only a year ago, Square has shipped over 800,000 card readers to merchants and is currently processing over $2 billion in payments annually. While currently focused on its U.S. growth, the company plans to offer Square in international markets in 2012.
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