The mobile payment processing platform will be utilized in nearly 7,000 Starbucks stores in the U.S. this fall
The deal will not only bring Square into Starbucks, it will also bring Starbucks into Square. Starbucks is investing $25 million in Square as part of its latest round of funding, and Howard Schultz, Starbucks’s chief executive, will also join Square’s board.
“It’s amazing to think that Starbucks began as a single coffee shop in Seattle. The concept of taking a good idea and helping it grow is not foreign to them, and Starbucks doesn’t just view Square as the simplest way to accept payments.They see an opportunity to extend and accelerate a model they grew up with: the idea that business is local and that community plays a vital role in job creation and economic vitality, “ Square CEO Jack Dorsey said in an announcement letter on Square’s website.