According to the Wall Street Journal, mobile payment company Square has secured a new round of funding worth $27.5 million. With this newest round of funding, Square’s valuation is now estimated at $240 million.

The Journal reports the funding is being led by venture capital firm Sequoia Capital and includes individual investors as well. As a part of the funding, Sequoia Capital’s Roelof Boetha and one of the individual investors will join Square’s board. Boetha previously served as CFO of Paypal.

Square is led by Jack Dorsey, co-founder of Twitter. The company provides small businesses with the ability to accept credit cards using smartphones equipped with its software and a small hardware attachment, effectively turning the phones into point of sale terminals.

The service was officially launched in October. According to the article, Square’s COO Keith Rabois reports that 30,000 to 50,000 small businesses per month have signed up for the service since its launch.