“Howard and I signing the deal last evening. #Onward” — @jack
Historic day. Mobile payment just got a major caffeine injection with an extra shot: Jack Dorsey and Starbucks CEO Howard Schultz sign milestone deal. The Seattle-based coffee giant will invest $25 million in Square as part of the company’s Series D financing round, which values Dorsey’s mobile payment company at $3.75 billion. Beginning this fall, approx. 7,000 US-Starbucks stores will ‘get Squared’, paving the road to a mainstream roll-out of the leading mobile payment solution.
“As the largest retail mobile payment platform in the U.S., we’re excited and proud to accept payments with Square,” said Howard Schultz, Starbucks chairman, president and ceo. “The evolving social and digital media platforms and highly innovative and relevant payment capabilities are causing seismic changes in consumer behavior and creating equally disruptive opportunities for business. Both Starbucks and Square take a similar approach when building products and running our businesses, and together we can bring the best possible payment experience to Starbucks customers.”
Jack Dorsey on the deal:
We’re proud that Starbucks chose Square, as we share the value of always putting customers first.” - “More than 2 million individuals and businesses can already use Square. This partnership will accelerate our ability to provide them with the tools they need to grow their business and thrive in today’s economy.”
Jack Dorsey is a confessed lover of authentic coffee craft. He part-owns Sightglass Coffee in San Francisco, one of the ‘real deal’ coffee culture places and the first shop to accept Square. Wonder where he will be getting his latte now. In any case, big day and big deal to bring mobile payment to the masses.