Square Raises $100 Million, Now Valued At $1 Billion

Mobile payment company Square on Tuesday announced that they have raised $100 million in new financing with an investment led by Kleiner Perkins.

The $100 million investment has pushed the company from a valuation of $250 million, while some estimates have placed the company’s goal at $2 billion.

Along with the investment Mary Meeker of Kleiner Perkins will join Square’s board.

Square is currently responsible for $4 million per day in transactions, up form just $2 million per day two months ago.

In the meantime, the company could face fatigue with employees putting in up to 20 hour work days, in fact CEO Jack Dorsey, who also heads up development at Twitter, “told one engineer to miss his own out-of-town bachelor party to work on a new product.”

The WSJ adds:

“At a meeting with his 100 employees, Mr. Dorsey was asked why he ‘guilts’ them into working ‘more than 12-hour days’ and on weekends, pushing them to ‘burn-out’.”