09 November 2011 | Author: L Boyd Media Intern
British billionaire Richard Branson has made an investment in mobile payment start up Square.
Insiders claim that the businessman made a 'multimillion' dollar investment in the company, however the exact amount remains undisclosed.
The latest injection of capital follows an earlier investment of $100 million (£63 million) by venture capital firm Kleiner Perkins Caufield & Byers in June, and another in April by credit card company Visa.
Launched in 2010, Square technology allows retailers to accept payments via Apple and Android-powered tablets or smartphones using a small 'Square card reader' that attaches to the device through its headphone outlet.
Retailers can then process payments with the help of the Square app, that also gives retailers the benefit of built-in analytics.
Square's chief operating officer Keith Rabois said: "We have fully functional computers in our pockets. It's transforming every industry. Why not the way we make payments?"
The company recently reported record figures of $10 million (£6.3 million) worth of daily transactions over a weekend - an increase on the $4 million (£2.5 million) average payment volume recorded over the summer.
The company is fronted by Twitter co-founder Jack Dorsey and faces stiff competition from similar products as the mobile payment business takes off. Google, for example, recently launched its digital wallet which offers a similar service.
According to the Virgin blog, the entrepreneur "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."
Branson cuts a Square deal
British billionaire Richard Branson has made an investment in mobile payment start up Square. Insiders claim that the businessman made a 'multimillion' dollar investment in the company, however the exact amount remains undisclosed.
The latest injection of capital follows an earlier investment of $100 million (£63 million) by venture capital firm Kleiner Perkins Caufield & Byers in June, and another in April by credit card company Visa.
Launched in 2010, Square technology allows retailers to accept payments via Apple and Android-powered tablets or smartphones using a small 'Square card reader' that attaches to the device through its headphone outlet.
Retailers can then process payments with the help of the Square app, that also gives retailers the benefit of built-in analytics.
Square's chief operating officer Keith Rabois said: "We have fully functional computers in our pockets. It's transforming every industry. Why not the way we make payments?"
The company recently reported record figures of $10 million (£6.3 million) worth of daily transactions over a weekend - an increase on the $4 million (£2.5 million) average payment volume recorded over the summer.
The company is fronted by Twitter co-founder Jack Dorsey and faces stiff competition from similar products as the mobile payment business takes off. Google, for example, recently launched its digital wallet which offers a similar service.
According to the Virgin blog, the entrepreneur "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."
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