Square Reaches One Billion in Worth

June 29, 2011 § Leave a comment

Square, the mobile-payments startup cofounded by Twitter’s Jack Dorsey, just scored payday, reportedly closing at $100 million in series C funding.

Sources told the New York Times that the company’s value may be as high as $1.6 billion, although it has yet to turn a profit. One source in particular told the New York Times that the company would reach $40 million in revenues, although its adjusted operating income puts it $20 million in the red for the year. By next year, it is expected to bring in $200 million in revenues and reach profitability.

Read more: http://www.portfolio.com/views/blogs/money-hunt/2011/06/29/mobile-payment-company-square-valued-at-1-billion-after-funding#ixzz1Qhe2mLp7

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