Square Receives $25M Investment from Starbucks
Square, a San Francisco-based provider of free credit card reader for the iPhone, iPad, and Android devices, with its leading mobile payment platform, has received a $25m investment from Starbucks Coffee Company (NASDAQ: SBUX) as part of its Series D financing.
Under the terms of the partnership, Starbucks’ customers will be able to use Pay with Square, Square’s payer application. Beginning this fall, in addition to the existing iPhone® and Android™ Starbucks mobile payment applications, Starbucks customers will be able to use Pay with Square to pay for their purchases at participating company operated Starbucks locations in the U.S.
In conjunction with the funding, Starbucks chairman, president and CEO Howard Schultz will join the Board of Directors of the company.
Square was founded in 2009 and is led by Jack Dorsey, CEO.