Square, the mobile payments startup headed by Twitter co-founder Jack Dorsey, has closed a more than $200 million fundraising round that will value the company at $3.25 billion.
The company had previously raised $100 million in 2011 valuing it at more than $1 billion, and was first revealed to be seeking another round of funding in late July. According to Square's press release announcing the news, the investors who participated in the latest funding round included Citi Ventures, Rizvi Traverse Management and Starbucks.
Starbucks, in particular, is now a key part of Square's growth strategy. The two companies announced last month that Starbucks will start accepting Square payments in nearly 7,000 locations. Starbucks also announced then that it would contribute $25 million to the funding round.
Meanwhile, Square's business has exploded in the past year. Square revealed in the announcement that it now processes $8 billion worth of payments annually, up from $1 billion the year before. Likewise, the company has expanded its staff from 150 to 400 in that time.