Dorsey Pitching Square At $4B Valuation To Legg Mason, Fidelity And Other Institutional Investors

Payments company Square is raising another major round of funding, but is targeting institutional investors first because of the enormous size of the round, we hear from sources. Square's CEO and co-founder Jack Dorsey and COO Keith Rabois have met with both Fidelity and Legg Mason over the past week, and as AllThingsD reported earlier, Square is looking to raise at a $4 billion valuation, which we've confirmed as well. In addition, we are also hearing that the company is raising around $250 million, which was originally reported in the New York Times. We hear Dorsey wrapped up the 10-day trip to the East Coast to conduct the raise.

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