Square has experienced rapid growth processing $2 billion in annual payments in November 2011 growing to $8 billion by September 2012. The number of accepting users also grew from 500,000 in July 2011 to over 2 million by June 2012. This 25% monthly growth led to a valuation of Square at $3.25 billion after a Series D funding round of $200 million in September 2012.