News & Resources

New wireless payment business valued at $200 million

Jan 20, 2011 Karen Umpierre

Business valuations can help owners decide how much to sell their ventures for or what improvements they want to make. But the system can also help growing companies cement themselves as a force to be reckoned with. A prime example is Square, a mobile payment service startup founded by Twitter co-creator Jack Dorsey. Recently, the company has been valued at more than $200 million, reports The Los Angeles Times. When the business first hit the market in 2009, offering an app and hardware that can turn a smartphone into a credit card processor, the business was valued at $45 million, but that value continues to climb. The business valuation helped Dorsey raise $27.5 million in a new round of funding for the company, reports The Wall Street Journal. "We want to accelerate word-of-mouth and make sure we have enough systems in place," Dorsey told the news source. The valuation also helped Dorsey assess the future of his business. Currently, 64 people are on staff at Square, including contractors, but the company's current office space can accommodate 150 people. Dorsey expects to fill the office by the end of 2011, says the publication. Square works on the iPhone, iPod Touch, iPad or on Android-powered phones.