• TechCrunch, Wednesday, June 8, 2011 11:47 AM

Payment start-up Square is reportedly raising $50 million or more at a valuation that will likely exceed $1 billion. "It's still fairly early in the process, though, and the company is rumored to be meeting with additional venture and private equity firms to either fill out the round or encourage a higher valuation," TechCrunch writes, citing sources. "But at least one term sheet has been received by the company."

Square is currently processing more than $3 million per day in mobile payments, which was announced prior to their new iPad payments service -- which can replace the entire cash register system at retail merchants. To date, Square has raised more than $37.5 million; the size of a recent investment by Visa hasn't been disclosed. The last round, according to TechCrunch, valued the company at a rumored $240 million valuation.

Read the whole story at TechCrunch »