Wednesday, August 08, 2012 1:38:29 PM
By Devindra Hardawar at VentureBeat
Wed Aug 8, 2012 1:49am EDT
In surprising news tonight, mobile payments startup Square has announced an extensive partnership with Starbucks. Among the terms of the partnership, Square will power Starbucks’ credit and debit card payments nationwide, and Starbucks will invest $25 million in the startup as part of its fourth round of funding.
Additionally, Starbucks president and CEO Howard Schultz will join Square’s board, and Starbucks will accept Pay with Square across the nation later this year (which will let you pay for orders directly from your phone; don’t expect to see the iconic Square card readers).
The Square Directory will also see a tremendous boost from the deal: The directory within the Pay with Square app will list nearby Starbucks locations (and will alert Starbucks customers of Square-equipped businesses), and Starbucks will eventually integrate the directory into its digital services, including its already popular mobile app.
The news has tremendous implications for Square, since it’s the company’s first major partnership with a national chain. Square has sold itself as the best solution for individuals and small businesses to take credit card payments, but if it can power a massive enterprise like Starbucks, it’s clear that the company’s ambitions lay far beyond hipster tag sales.
San Francisco, Calif.-based Square has raised $141 million so far and is rumored to be working on a massive $200 million round, which would value it at $3.25 billion. Starbucks’ large investment today definitely points to something major happening in Square’s next round.
Square CEO and founder Jack Dorsey sent along the following e-mail to the company’s customers tonight:
I am pleased and proud to announce that today Starbucks signed up for Square.
Square began with a really simple idea: everyone should be able to accept credit cards. It should be easy and free to get set up, it should use simple technology people already own, and, most importantly, it should instantly adapt to any size business—from the person chasing a dream to the largest organization on the planet. By embracing Square, Starbucks has validated these ideas as powerful tools—not just for small businesses, but for smart businesses.
It’s amazing to think that Starbucks began as a single coffee shop in Seattle. The concept of taking a good idea and helping it grow is not foreign to them, and Starbucks doesn’t just view Square as the simplest way to accept payments. They see an opportunity to extend and accelerate a model they grew up with: the idea that business is local and that community plays a vital role in job creation and economic vitality. When Starbucks builds the Square Directory into their apps and in-store Digital Network, it gives Square new visibility, driving more customers to opt-in to Square. And with nearly 7,000 Starbucks stores soon accepting Square, these new payers will be able to find your business (including coffeehouses) and pay with their name, building community and creating value.
Our customers make us who we are, and we are proud of every single one of you—including our newest. Our promise to you remains the same: build simple, affordable, and fast tools that level the playing field for everyone. Thank you for helping us build Square. And please share your thoughts and tweets; I’m listening.
As Howard Schultz says: #Onward
Jack Dorsey, CEO
Win a few. Lose a few.
Only the long term counts.
Recent SBUX News
- Starbucks Declares Quarterly Cash Dividend • Business Wire • 06/20/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/18/2024 10:13:54 PM
- Goldman Sachs Raises S&P 500 Forecast for 2024; Disney Secures Deadpool & Wolverine in Chinese Cinemas, and More • IH Market News • 06/17/2024 10:49:12 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/14/2024 02:51:09 PM
- Adobe Soars 15% Pre-Market; Visa and Mastercard Encounter Hurdles in $30 Billion Agreement, and More • IH Market News • 06/14/2024 11:21:47 AM
- GME Volatile as Roaring Kitty Goes Live Today, Meta Unveils AI for WhatsApp Ads, and More • IH Market News • 06/07/2024 12:09:15 PM
- Economic Worries May Lead To Weakness On Wall Street • IH Market News • 06/04/2024 01:10:54 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/31/2024 08:09:44 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/31/2024 05:56:44 PM
- iPhone Sales Skyrocket in China, Nvidia Surges in Pre-Market Following xAI Fundraising, and More News • IH Market News • 05/28/2024 11:37:48 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 09:20:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 10:32:19 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/22/2024 05:16:24 PM
- Starbucks to Participate in the Deutsche Bank Global Consumer Conference in Paris • Business Wire • 05/21/2024 08:14:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/21/2024 02:05:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 10:04:31 PM
- Perficient Stock Soars 52.9% Post-Acquisition; Luminar Declines 10% Amid Workforce Cutbacks, and Other News • IH Market News • 05/06/2024 12:09:00 PM
- CVS Health, Starbucks, Shares Weaker; Pinterest Soars • IH Market News • 05/01/2024 01:12:05 PM
- Starbucks Reports Q2 Fiscal 2024 Results • Business Wire • 04/30/2024 08:05:00 PM
- U.S. Index Futures Point to Mild Decline Ahead of Key Earnings and Fed Rate Decision • IH Market News • 04/30/2024 11:59:59 AM
- Philips Stocks Soar 47% Following US Deal, Tesla Bolsters Presence in China, and More News • IH Market News • 04/29/2024 11:11:24 AM
- Coca-Cola and Microsoft Sign Billion-Dollar Agreement, Apple Event Set for May 7, and More News • IH Market News • 04/24/2024 11:28:02 AM
- 5 Things to Know About First-Ever Starbucks Promises Day • Business Wire • 04/23/2024 07:28:00 PM
- Starbucks Announces Q2 Fiscal Year 2024 Results Conference Call • Business Wire • 04/16/2024 08:05:00 PM
- Costco Increases Dividend by 14%, Meta Introduces ‘Artemis’ AI Chip, and More News • IH Market News • 04/11/2024 11:24:54 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM