Dive Brief:

• E-commerce payments company Square has closed on a financing deal of $150 million that values the company at $6 billion, sources have told the New York Times.

• Square is best known for its credit-card reading dongle, but it has recently expanded into other business services, including delivery, appointment booking, and others. The company also announced recently that it will be accepting Apple Pay.

• The company plans to unveil a new card reader that works with EMV technology, also known as “chip and PIN,” that is more secure than today’s more prevalent (and more hackable) magnetic stripe readers. 

Dive Insight:

Square has been battling rumors that it was running out of money and looking for a buyer. Whatever its situation, this financing round will certainly buy it some time as it works to find a place in the suddenly fast-paced, highly changeable payments area.