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Visa Invests In Mobile Payment Startup Square

Visa has invested an undisclosed sum in mobile payments firm Square in what the companies are describing as a “strategic investment.” Square provides businesses with a card reader they can attach to their mobile phones so that they can accept credit cards on the go, and the investment suggests that Visa believes the technology could take off. That’s quite an endorsement considering Visa is the biggest credit card company in the U.S.

Square COO Keith Rabois tells the WSJ that Visa and Square will now “explore collaborative partnerships that make sense.” The company, which was founded by Twitter co-founder Jack Dorsey, who runs the company in addition to heading up product at Twitter, raised $27.5 million in a funding round earlier this year which valued it at $240 million. The LATimes cites a source who says that Visa’s investment is in the “single-digit millions.”

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