Twitter founder Jack Dorsey has confirmed that his new mobile payments venture Square has raised $27.5 million in a funding round led by Sequoia Capital.
Memories of the ecommerce bubble bursting again? Putting more money into a business that is based on a gimmicky bit of plastic, that does not read chip cards and cannot accept cards from outside of the US at a time when the "Durbin Amendment" looks set to
reduce debit card interchange in the US by over 70% looks pretty dumb to me. The basic pricing is also very expensive - and extra 1% is charged if the card number is keyed rather than swiped. Oh yes and as with PayPal, Square hold on to merchant funds for
days and days. Only in America!
Excellent Basic, OTE + BenefitsLondon
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