Square rakes in $100M in new VC round

Square Inc.’s valuation has surged to $1 billion on the heels of a fresh venture financing round totaling $100 million. Led by Kleiner Perkins Caufield & Byers, with participation from Tiger Global Management, the new funding will be used by the eight-month-old company to square off against the growing number of mobile payments providers, according to The Wall Street Journal.
Square closed a $27.5 million round of funding last February at nearly a quarter of the valuation it garnered in this latest round. CEO Jack Dorsey is also the co-founder and executive chairman of Twitter Inc.
The mobile payments space is moving along at a feverish clip of late. Just last week, PayPal revised its projected revenue for mobile payments this year once again to $3 billion.