San Francisco – Mobile payments service Square has raised
$27.5 million in a new round of funding led by Sequoia Capital, All Things D

Previous investor Khosla Ventures also participated in the round,
which puts a new valuation of around $240 million on the company.

Founded in
2009, San Francisco-based offers a service that lets anyone take mobile
payments on an iPhone via a free dongle that attaches to the smartphone to
swipe credit cards.

While the service is free and does not require a contract, Square
collects 2.75% plus 15 cents per transaction.


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(All Things D)