• Mashable, Wednesday, June 29, 2011 12:45 PM

Mobile payments start-up Square has raised $100 million in venture funding at a valuation north of $1 billion. The Series C round was led by venture capital firm Kleiner Perkins Caufield & Byers, while KPCB partner Mary Meeker will be joining Square's board of directors.

"Square is eager to continue our momentum, and we are proud to have the support and expertise of KPCB among our team of investors and advisors," Square CEO -- and Twitter co-founder -- Jack Dorsey stated. "Our goal is to empower everyone to accept payments anywhere, and we are on course to accelerate our growth in a meaningful way." Meanwhile, "The new round of funding means that Square's value has quadrupled in the last six months," writes Mashable. In January, the company raised $27.5 million in a Series B round that valued the company at $240 million.

That said, "Square has been on a tear recently," Mashable notes. "Not only did it add former U.S. Treasury secretary Larry Summers to its board, but it [is] processing $4 million in mobile payments every day and expects to process $1 billion within the next year." It also recently released a "pay-with-your-name" payment system.

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