Square has raised $200 million in new funding from Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee Company.One year ago, Square had approximately 150 employees and processed over $1 billion in payments on an annualized basis. Today, Square has over 400 employees and is processing over $8 billion in payments on an annualized basis.
The funding round values Square at $3.25 billion. In an indirect way, the valuation and Square's success shows why mobile service providers believe "payments" could be a large and substantial business.
The issue is whether it can become a large and substantial business for service providers.
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