Payment processing company Square is looking to raise a new round of up to $50 million with a $1 billion valuation, multiple sources tell Mike Arrington at TechCrunch.
Square has been selling the latest version of its tiny credit card reader since last fall, and just rolled out an iPhone app called Card Case that could replace the loyalty and discount cards that merchants use, and an iPad app that could replace the cash register.
Founder Jack Dorsey recently tweeted that Square is processing more than $3 million in transactions per day. A picture of the company's dashboard back in April revealed it was pulling in about $60,000 in revenue per day on $2 million in transactions, so that means it's probably close to $100,000 per day.
See also: Jack Dorsey, Apple CEO? Probably Not.
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Now Square Is Looking To Raise $50 Million At A $1 Billion Valuation
Backlink: http://www.businessinsider.com/square-looking-to-raise-50-million-at-1-billion-valuation-2011-6
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