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Square Now Worth $4 Billion
The rumor mill is busy again with talk of mobile payments platform Square, seeking another big round of investment. Square is run by Jack Dorsey (yes the Twitter guy) and so far it has raised over $100 million and it looks like Dorsey is hungry for more.
Reports are that Dorsey and Square’s COO Keith Rabois were spotted hanging around both Fidelity and Legg Mason, two of the two biggest institutional investors around these days. The rumor is that if Square is successful at raising another big round of funding the valuation this time will be about $4 billion.
That high level of valuation would not be unfathomable given the current climate in the tech sector; after all, Instagram was a modest $500 million at its last valuation and two weeks later it was bought for a staggering $1 billion by Facebook.
Square of course has solid numbers behind it and is processing mobile payments to the millions. With competitors PayPal and even Google investing in the space, it’s not hard to see why Square is worth so much potentially. News of the impending valuation sent shock-waves on the social media scene and Twitter exploded with lots of positive comments.
If Dorsey does pull it off, he’ll now be considered one of the Midas-touch entrepreneurs of Silicon Valley.
What do you think? Is Square worth anywhere near $4 billion? Let us know in the comments below.