Square valued at $6b after raising $150m, led by Singapore Govt

Jack Dorsey (L), CEO of Square and CEO of Twitter, Jim McKelvey co-founder of Square (2nd R) and NYSE President Tom Farley (R) watch as Mac Riley rings a ceremonial opening bell on the floor of the New York Stock Exchange for the IPO of Square Inc., in New York November 19, 2015. REUTERS/Lucas Jackson

Mobile payment startup Square has raised $150 million, valuing the company at $6 billion, and the new round of venture financing was led by the Government of Singapore Investment Corporation, according to the New York Times.  The report also that previous investors Goldman Sachs and Rizvi Traverse Management also participated in this latest round of financing.

The new round of funding is slated to help the company compete with Paypal, Amazon, Google and the recently unveiled Apple Pay.

Founded by Twitter co-Founder Jack Dorsey in 2009, the company’s primary business model involves providing merchants and small businesses with a card reader for free, and getting about 2.75% of every transaction done that device.

Recently, it has been diversifying its offering by launching products such as ‘Square Cash’, a cash advance programme for small businesses. It also bought food delivery startup Cavier and said that it would accept Apple Pay payments.

Prior to this round of financing, the company had raised about $440 million through several earlier rounds and its other investors include Sequoia Capital, Khosla Ventures, Kleiner Perkins Caufield & Byers and Starbucks.

The Government Investment Corporation of Singapore (GIC) is a state-owned agency that manages the city-state’s Sovereign Wealth Fund and has made several high-profile investments of late, including $100 million in Taiwanese music streaming service KKBOX, $310 million for picking up minority stakes in two Philippines companies – Century Canning Corp and Metro Pacific Investment Corp – and also participating in the $1 billion round fund raising drive by Indian retailer Flipkart.

Recent media reports said that GIC will be part of a consortium, along with Australian bank Macquarie and Spanish infrastructure company Ferrovial, the Spanish infrastructure firm that is bidding to take over three regional airports in the UK.

GIC’s investment in Square also marks a recent trend Asian firms betting big on internet and mobile companies like Snapchat’s investment in China’s Tencent and Japan’s Rakuten leading a $100 million investment in Pinterest in 2012.

Also read:

Billionaire investor Leonard Blavatnik discloses 11.4% stake in Square Inc

Tech startup Square counters negative sentiment to soar 64% on market debut

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.