Square has raised $100 million in a series C funding round led by Kleiner Perkins Caufield & Byers (KPCB). The payments company, headed up by Twitter co-creator Jack Dorsey, is said to now be valued at $1 billion.
KPCB partner Mary Meeker has joined Square's board of directors, which also includes former US treasury secretary Larry Summers and Sun Microsystems co-founder Vinod Khosla.
Square has developed a plastic device that turns iPads, iPhone and Android devices into credit card readers. The technology is currently only available in the US.
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