Mobile Payment App Square Pushes Forward With $27.5 Million Funding

first_imgRelated Posts 8 Best WordPress Hosting Solutions on the Market mike melanson A Web Developer’s New Best Friend is the AI Wai… Why Tech Companies Need Simpler Terms of Servic…center_img Top Reasons to Go With Managed WordPress Hosting Tags:#NYT#web Square had a bit of a rough 2010, but it looks like things are turning around for the mobile payment company. The Wall Street Journal reported this morning that the company just closed a new $27.5 million round of funding, quadrupling its valuation and setting it up for the year ahead.Over the past year, Square, which was founded by Twitter co-founder Jack Dorsey, has run into a series of snags, from credit card dongles that didn’t work with the iPhone 4 to a lawsuit over the origins of that self-same dongle. While we commented that the temporary fix to the iPhone 4 dongle (a piece of paper) didn’t inspire confidence in a realm where confidence is already hard to come by, Sequoia Capital appears to see things different – to the tune of $27.5 million. The funding raises Square’s previous valuation of $45 million to around $240 million. As part of the funding deal, writes Pui-Wing Tam for the Journal, “Sequoia Capital venture capitalist Roelof Botha, a former CFO of PayPal and one of the investors who backed online video site YouTube, will join Square’s board.”When we first wrote about Square six months ago, the common refrain was “Who would trust using their phone to make payments?” Now, there are a number of other companies getting into the mobile payments game, as our own Sarah Perez surveyed earlier today, and the funding is indicating a confidence on at least one important end of the spectrum. According to the WSJ, Square has also seen anywhere from 30,000 to 50,000 companies sign up to use the service since it opened its doors last October. With companies signing up, funding coming in the door, we only have to wonder one thing – how long will it be before we actually run into this thing in real life? Have you, for one, paid for anything using something like Square?last_img read more

Banffs Sunshine Village closes again as fire on AlbertaBC boundary rages

first_imgBANFF, Alta. – A resort in Banff National Park will be closed indefinitely as a wildfire burns in the wilderness close to the Alberta-B.C. boundary.Sunshine Village, a popular ski hill that has summer hiking trails, says it’s moving lodge guests and staff to the town of Banff.Firefighting equipment is being brought to the property as a precautionary measure.Parks Canada ordered the resort to clear out guests 10 days ago to make room for firefighting crews and heavy machinery to fight the Verdant Creek wildfire a couple of kilometres away.The resort reopened to guests three days later, but now Sunshine says hot, dry and windy weather has made the fire more active in British Columbia’s Mount Assiniboine Provincial Park.Parks Canada says the fire, covering an estimated 51 square kilometres, is not threatening any communities and has not spread past the Continental Divide into Alberta.In addition to the Sunshine Village shutdown, Park Canada said some trail and campground closures have been brought back into effect in Banff as the fire flared up along its northern boundary late Sunday afternoon.Parks Canada had been planning Monday to burn off unconsumed fuel as a means to manage the fire. But the operation in B.C.’s Kootenay National Park was cancelled due to changing weather conditions.“Warmer temperatures are forecast through the week and will continue to produce increased fire activity. Smoke columns will likely build in the afternoon, followed by settling into valley bottoms in the evening,” Parks Canada said in a release.“This pattern is expected to continue while hot, dry conditions persist.”It warned smoke may reduce visibility along highways in and near Banff and Kootenay national parks.last_img read more