Kingdom Holding, the investment fund run by Saudi Arabia's Prince Alwaleed, wants to buy a $200 million stake in mobile payments company Square, according to a Fox Business report this morning.
This would bring Square's valuation to $5 billion. The deal is expected to be locked up between Alwaleed and Square's founder Jack Dorsey today.
Late last year, Dorsey claimed that he had a plan for the company to be profitable by 2015, and in December he said that that he was talking to investors about raising a new round of financing that would let the company buy back stock from some of its employees. The target for that new round was $5 billions; looks like this investment will make it happen.
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