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Square Closes Latest Round of Financing After Last Month's Starbucks Deal

Square closed its Series D round of financing today after its blockbuster partnership to put its payments technologies in Starbucks locations.

Last month payments start-up Square caught major headlines thanks to a big endorsement from Starbucks, who agreed to start using Square's payments technologies in its locations. Today Square followed up with news that it had closed its Series D round of financing, with published reports indicating that Square pulled in around $200 million.

Square said that the major investors included Citi Ventures, Rizvi Traverse Management and Starbucks. Last month's deal with the coffee colossus included $25 million of Series D financing for Square. The deal with Starbucks - and the media buzz that it generated - was a huge boon to the startup, and probably helped it catch the eyes of investors.

Another factor that probably impressed investors was Square's growth this year: the company quadrupled its workforce this year, from 100 employees to 400. And after processing $1 billion in payments last year, Square is on track to process $8 billion this year.

Square said in a statement on its website that the next step in that growth will be the company's expansion overseas, which it says will be coming later this year.

[See Related: New Deal with Starbucks Raises New Issue for Square]

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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