/// Starbucks Picks Square for Payments; Schultz to Join the Board and Invest $25 Million
Starbucks says it is investing in Square, the mobile payments provider, and will use it going forward to process all of its credit and debit transactions. The two companies made the announcement late this evening, adding that Starbucks will also invest $25 million in Square’s fourth round of funding, which has not yet been announced but has been rumored to value the company up to $4 billion. As part of the transaction Starbucks’ CEO Howard Schultz will join the company’s board. Square, which was founded by Twitter inventor Jack Dorsey, has quickly made accepting credit cards via a mobile phone into a mainstream and affordable concept for small merchants. Starbucks has been one of the most successful retailers at rolling out mobile payments with consumers easily reloading their iPhone and Android apps to easily pay for a latte at the register using their phone. The partnership between the two companies seems natural, given Square’s leadership position in providing easy alternatives to bulky point of sales terminals normally found at the register. The two companies said the partnership has multiple components: Customers will be able to use Pay with Square, Square’s mobile app, at U.S. Starbucks later this fall. Starbucks stores will be listed in Square’s directory. Square will process all of Starbucks U.S. credit and debit card transactions, which will significantly increase Square’s scale
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Starbucks Picks Square for Payments; Schultz to Join the Board and Invest $25 Million
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