The raise, which ICONIQ Capital led with participation from Tiger Global, Charles River Ventures, Trinity Ventures, New General Market Ventures and SoftBank Opportunity Fund, is the company’s more significant funding round to date. It includes $44 million in equity financing and $25 million in debt financing bring the total raised since the company’s inception to $105 million.
The round included backing by celebrity and strategic investors like Stephen Curry, Trevor Noah, Quincy Jones, Tooey Courtemanche, Ara Mahdessian, Vahe Kuzoyan and Pharrell Williams.
Taking on $15 million in debt financing, Squire created a banking-as-a-service feature for small and medium business owners struggling to secure loans and financing because of shutdowns and other threats caused by the coronavirus pandemic.
In an interview with TechCrunch, Squire co-founder Dave Salvant said, “This market is underserved by traditional financial institutions,” Salvant said. “And we think there’s opportunities to help these owners with financial tools.”
Squire will use the raised capital to increase its staff of 100 by hiring new sales and marketing professionals. Its future plans include expanding into new markets such as Australia, Canada and the U.K.