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Payment App Square Receives More Funding

Square recently secured additional outside investments to expand its popular small business financing program, Square Capital. With Square Capital’s first investor, Victory Park Capital, tripling its original investment, and with new money from investors including Colchis Capital, Square will be able to advance hundreds of millions of dollars this year to a wide array of businesses, many of whom have been neglected by traditional financial institutions. Using data-driven insights, Square Capital has extended more than $100M to over 20,000 independent businesses since launching last year. Last month alone, Square advanced nearly $25 million in capital. The program helps businesses grow by giving them access to funds in a quick and simple way – with use cases such as enabling Cascade Cab in Oregon to start a taxi service, helping Hobbie’s Cafe in Kentucky to build a new sandwich bar, and funding RubDowns Day Spa in Pueblo, Colorado, to become a full-service salon. More than 80% of merchants who have completed their first Square Capital advance have renewed for a second round of capital to make additional investments in their business.

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