Square may be looking for a new cash infusion.
The mobile payment startup is said to be in the process of raising about $200 million at a $6 billion valuation, according to CNBC. At least some of that capital is reportedly coming from the Government of Singapore Investment Corporation.
A rep for Square declined to comment on the report.
Square, run by Twitter cofounder Jack Dorsey, was at one point viewed as a likely contender to go public this year, but reportedly put off that plan for the foreseeable future. The company is said to have posted a $100 million loss in 2013 and was rumored to have been in acquisition talks.
The startup recently attempted to dispel the perception that it's struggling.
"Like you, we’re a growing business. You invest in your future, and so do we. We’re well-capitalized and putting our money to good use: investing in people and new products," Square wrote in a blog post, addressing the "myth" that it's business is struggling. "Reports that we tried to sell the company, or of a delayed IPO? False. We’re here for the long-term."
Either way, additional capital would give Square more runway as it looks to build out its payment ecosystem and make more strategic acquisitions.
Square closed a $200 million funding round at $3.25 billion valuation in late 2012. At the beginning of this year, Square reportedly sold off some shares at a $5 billion valuation. The company later took $100 million in debt financing.