Square closed another round of funding in early October, though it refused to say exactly how much it raised and at what valuation.
Square confirmed to the New York Times late Oct. 5 that it had recently closed the funding round. Although the mobile payments company refused to discuss details regarding the round, the Times reported that it had raised $150 million at a valuation of $6 billion.
The Government of Singapore Investment Corporation led the round, the Times reported, which brings the total amount of money raised thus far to $590 million. Square said it would "continue to invest aggressively" in order to "empower" small businesses.
Square previously reached a valuation of around $5 billion in January 2014 as insiders sold shares on the private market. Several reports suggested in late 2013 that the company could go public in 2014, but the private stock sale may make an IPO unlikely in the short term.
Using Twitter, Dorsey on Oct. 14 said it was a "fact!" that he had no interest in selling Square to PayPal. A report earlier in the day suggested PayPal was in the "early stages" of buying Square.
Square lets merchants accept credit cards using their iOS and Android devices (among other services). The company charges merchants a fee of 2.75% per transaction. Square is expected to reach $1 billion in sales in 2014, up from $550 million in 2013.
Square offers other payment-related services as well, including a consumer app called Square Order that lets users pick up food orders from nearby restaurants, and Feedback, a service that provides small business owners with customer feedback (for $10 per month) that can be used to "build a better business."
Another service, called Square Capital, which was announced on May 28, provides cash advances to select small businesses. Unlike traditional loans that are paid back in monthly installments, Square Capital loans are paid back as part of everyday business, with Square taking on an additional 10% per transaction to cover the loan.
In April, Square denied that it had held acquisition talks with Google. The denial came following a Wall Street Journal report suggesting that the company's key executives -- it was founded in 2009 by Twitter co-founder Jack Dorsey -- were looking to sell the company as a result of mounting losses.
"The rumors of our demise have been greatly exaggerated."
In an Aug. 11 profile in Fast Company, Square shrugged off accusations that it is struggling, telling the magazine that earlier news reports about its possible IPO were filled with inaccuracies. CEO Jack Dorsey said the negative reports were part of a "takedown" phase that happens to many tech companies.
Square confirmed Aug. 4 that it had acquired Caviar, a food delivery startup aimed at restaurateurs. Square said the acquisition was part of its goal to help "independent sellers... grow their business." While no terms were disclosed, the New York Times reported that it was worth around $90 million in Square stock.