Swipely had recently announced that its payment processing rate had doubled to $2 billion on an annual basis, but declined to tell TechCrunch at the time if it was pursuing more capital. As it turns out, and as this publication presumed, it was in the process of nailing down the Series C. The company’s revenue tracks up with its payment-processing rate, so to see it double that figure from $1 billion to $2 billion in under a year implies quick top-line growth. Competitor Square is processing around 15 times as much, or in the neighborhood of $30 billion.

http://techcrunch.com/2014/05/28/payment-firm-swipely-raises-20m-more-as-its-processing-tally-breaks-the-2b-mark/?ncid=rss