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"Hot mobile payments startup Square has announced that it has raised $100 million in venture funding, valuing the company at around $1.6 billion.\nThe Series C round was led by prominent venture capital firm Kleiner Perkins Caufield &amp; Byers. KPCB partner Mary Meeker will be joining Square's board of directors, according to The Wall Street Journal.\n\u201CSquare is eager to continue our momentum and we are proud to have the support and expertise of KPCB among our team of investors and advisors,\u201D Square CEO Jack Dorsey said in a statement. \u201COur goal is to empower everyone to accept payments anywhere, and we are on course to accelerate our growth in a meaningful way.\u201D\nThe new round of funding means that Square's value has jumped more than 6x in the last six months. In January, the company raised $27.5 million in a Series B round that valued the company at $240 million. \nSquare has been on a tear recently, though. Not only did it add former U.S. Treasury secretary Larry Summers to its board, but it processing $4 million in mobile payments every day and expects to process $1 billion within the next year. It recently released a \"pay-with-your-name\" payment system.\nThe company is led by Twitter co-founder and executive chairman Jack Dorsey."^^<http://www.w3.org/2001/XMLSchema#string>
<http://mashable.com/2011/06/28/square-1-billion/>