Richard Branson Invests In Disruptive Mobile Payments Startup Square
November 8, 2011 – World-renowned entrepreneur and philanthropist Sir Richard Branson has been announced as one of the new investors in Square Inc, the disruptive mobile payments startup founded by Ex-CEO and Co-Founder of Twitter Jack Dorsey and Jim McKelvey. Square is revolutionizing the ways transactions are handled between buyers and sellers. The company recently closed a $100M Series-C financing round led by Kleiner Perkins Caufield and Byers, and has added Kleiner partner Mark Meeker, Vinod Khosla and Larry Summers on to its board.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.
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. He applauded Jack’s efforts in creating yet another phenomenal business - Square after Twitter and said – “it’s great to be working with Jack on this one too!”
For more information about Square Inc, please visit their website - https://squareup.com/
- Chandan Raj