Tuesday, November 8, 2011

Virgin's Branson invests in payment start-up Square

According to Reuters, Square, the mobile payment company that includes former U.S. Treasury Secretary Lawrence Summers on its board of directors, announced British billionaire Richard Branson has made a "multimillion" dollar investment in Square, according to a Square spokeswoman who declined to disclose the exact amount.

The company recorded $10 million in daily transactions for the first time this past weekend, spokeswoman Katie Baynes told Reuters, up from the $4 million per day in gross payment volume that it announced during the summer. Square has said it is on track to process $2 billion worth of transactions on an annual basis.

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