September 17, 2012 / 4:12 PM / 5 years ago

Payments company Square raises $200 million

Sept 17 (Reuters) - Payments company Square said it closed on its fourth major funding round, an investment of more than $200 million.

Investors include Citi Ventures, Rizvi Traverse Management, and coffee retailer Starbucks Corp. The coffee chain’s investment was announced last month.

The company is valued at about $3.25 billion, a source familiar with the matter has said. At the time of the company’s last funding round in June 2011, it was worth around $1 billion.

Square, led by Twitter co-founder Jack Dorsey and founded just three years ago, has won kudos for helping small businesses take credit-card payments easily and cheaply. Detractors say the company is overvalued and has too many competitors.

Other Square backers include Kleiner Perkins Caufield & Byers, Sequoia Capital, Tiger Global Management, and Visa Inc .

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