Flush with $100 million in new funding, Square is continuing to grow like a weed in the mobile payments space. After passing the $3 million mark at the end of May, Square is now processing $4 million in mobile payments daily, and is on track to reach over $100 million in transactions in July. And COO Keith Rabois tells us that he expects the company to double this volume by October.
In late June, Square raised a massive round of funding, which valued the company above $1 billion. At the time of the announcement, it was revealed that Square was processing nearly $4 million in payments per day, but the company has surpassed that mark a month later. Rabois tells us international expansion is part of the next phase of growth. He expects to initial launch payments capabilities outside of the U.S. in 2012.
And iPad usage of Square is on the rise, especially after the company launched a disruptive new iPad app to replace cash registers and loyalty cards. The breakdown in terms of usage are iPad (21%), iPhone (45%), iPod (3%) and Android (31%).
In the past year, Square has shipped more than 500,000 credit card readers, is processing more than a million transactions per month. And Square devices are now sold in Apple Stores.
Basically, if you didn’t take Square seriously, perhaps you should reconsider.