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This article was published on September 17, 2012

    With $8bn in payments processed annually, Square closes $200m Series D from Citi, Starbucks and more

    With $8bn in payments processed annually, Square closes $200m Series D from Citi, Starbucks and more
    Matt Brian
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    Matt Brian

    Matt is the former News Editor for The Next Web. You can follow him on Twitter, subscribe to his updates on Facebook and catch up with him Matt is the former News Editor for The Next Web. You can follow him on Twitter, subscribe to his updates on Facebook and catch up with him on Google+.

    Notifying investors and consumers that it has closed a recent $200 million Series D financing round from investors including Citi Ventures, Rizvi Traverse Management and Starbucks, mobile payment processing company Square announced today it is now processing more than $8 billion in payments on an annual basis.

    News of Square’s recent round emerged when the company recently accepted a $25 million investment from Starbucks, with Square moving to handle the credit and debit card payment processing for the coffee chain’s US locations. Customers will also be able to use the Pay with Square application at Starbucks.

    As part of the deal, Starbucks CEO Howard Schultz also joined Square’s Board of Directors, valuing the company at more than $3.25 billion.

    However, Citi Ventures and Rizvi Traverse Management also joined the round, which is reported to be around $200 million mark, according to AllThingsD.

    With additional funding, Twitter co-founder Jack Dorsey hopes his other growing company can push forward with its plans to roll out internationally. The company has grown from 150 employees and processing over $1 billion in payments annually in the last year to 400 employees and $8 billion in payments currently.