The payment services company plans to advance hundreds of millions of dollars to small businesses in return for a percentage of their future card sales.
US-based online payment services provider Square secured an undisclosed amount of capital on Tuesday for Square Capital, its small business financing initiative.
Asset management firm Victory Park Capital, already an investor in Square Capital, tripled its original investment, while additional funding came from backers including investment management firm Colchis Capital.
Square did not reveal how much it has raised for the fund, stating only that it would enable the company to advance hundreds of millions of dollars to small businesses…
