$100m in new funding for Square

Square, a new venture from a co-founder of Twitter that allows anyone to accept credit card payments on a mobile device, announced Wednesday that it has received another $100 million in funding.
Square said the investment was led by venture capital firm Kleiner Perkins Caufield & Byers with the participation of Tiger Global Management, and that KPCB partner Mary Meeker would be joining Square's board of directors.
"Square has a great product with extensibility which we believe has the potential to have a lasting impact on how people make payments," Meeker, a former Morgan Stanley analyst, said in a statement.
Larry Summers, a former top economic advisor to US President Barack Obama and treasury secretary under Bill Clinton, and Vinod Khosla, founder of Khosla Ventures, also joined Square's board this month.
The latest investment in Square values the mobile payments start-up, which was unveiled in May of last year by Twitter co-founder Jack Dorsey, at $1 billion, according to The Wall Street Journal.