Larry Summers joins Square board

Larry Summers joins Square board

Larry Summers, former Treasury secretary and chief economic adviser to President Obama, has joined the board of mobile payments outfit Square.

As well as serving both presidents Clinton and Obama, Summers is a former president of Harvard. He joins venture capitalist and Sun Microsystems co-founder Vinod Khosla who also recently joined the Square board.

Led by Twitter co-founder Jack Dorsey, Square provides merchants with a piece of plastic that fits in to the headphone jack of handsets and acts as a card swipe for processing payments.

According to some press reports, the fast-growing firm is currently putting together a $50 million funding round that would give it a $2 billion valuation.

Says Dorsey: "Square is at a key point in our trajectory and we know Larry will contribute tremendous wisdom and expertise toward our continued success."

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