San Francisco, CA-based Square secured additional outside investments to expand Square Capital, its small business financing program.
With Victory Park Capital tripling its original investment and new money coming from Colchis Capital, Square Capital gives businesses access to funds to grow.
With the program, businesses sell a specific amount of their future card sales to Square and in return receive a lump sum payment. They automatically pay Square as a set percentage of daily card sales, so they pay more when sales are strong and less if things slow down. The total cost to the seller never changes, regardless of how long it takes to pay Square.
Founded in 2009, Square provides a register service with tools for every part of running a business, from accepting credit cards, to sales and inventory tracking, to small business financing. It also offers Square Cash to send and receive money.
Square is currently available in the United States, Canada, and Japan.