Twitter co-founder Dorsey's company gets $100 million

NEW YORK Wed Jun 29, 2011 10:19am EDT

Twitter's Chairman Jack Dorsey attends a photocall in the Westbury Hotel to mark the opening of Founders in Dublin October 28, 2010. REUTERS/Cathal McNaughton

Twitter's Chairman Jack Dorsey attends a photocall in the Westbury Hotel to mark the opening of Founders in Dublin October 28, 2010.

Credit: Reuters/Cathal McNaughton

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NEW YORK (Reuters) - Square, the mobile payment service started by Twitter co-founder Jack Dorsey, secured $100 million in a financing round led by Kleiner Perkins Caufield & Byers.

Tiger Global Management also participated in the Series C round, Square said on Tuesday.

Square plans to use the money to accelerate its growth, said Dorsey, the company's chief executive.

Mary Meeker, a partner at Kleiner Perkins, is joining the board, which also includes former U.S. Treasury Secretary Lawrence Summers.

Square's technology lets people use their mobile phones to accept credit card payments from other people. In April, Square said Visa invested an undisclosed sum in the company.

The San Francisco-based company has plenty of competitors eager to get into mobile payments. Google in May debuted a digital wallet that lets people to use their smartphones to pay for clothing, food and other items.

(Reporting by Jennifer Saba. Editing by Robert MacMillan)

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