This expansion, possibly to the UK, will please british business owners in their drive to reduce their cost base as the company recently announced a new business transaction model for small business customers who take less than $250,000 via their system lowering their charges to $zero per sale replacing them with a flat $275 monthly charge.
Along with the funding news, the company also announced that it now processes over $8 billion in payments annually.
Last year Square raised nearly $130 million in funding from the likes of Visa and Sir Richard Branson. At that point, the company reported processing more than $1 billion in payments annually.
This funding values the company at around $3.25 billion.
Square has raised $341 million to date, and employs around 400 people all in the US.
Paul Jones
Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media's automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.
