Mobile payments startup Square has closed out Series E funding with $150m (£93.8m) worth of new investment, taking its total valuation to $6bn.

Filings made by the company in September showed it was on track to raise at least $100m, but investment by the Government of Singapore Investment Corporation has enabled the firm to hit this new landmark.

With the reveal of Apple Pay and news of eBay and PayPals approaching spin-off, the mobile payments market is heating up considerably. Amazon has also recently launched a mobile card reader, with a low processing fee aimed at attracting new merchants. Square, which has managed to establish itself as one of the leaders in the market, is expected to process $30bn in transactions this year.

The company has also diversified in recent years, introducing Square Capital, a cash advance program aimed at helping small businesses, and acquiring Caviar, a startup that offers food delivery services for restaurants that do not currently offer it. The company is also planning on introducing a new credit card reader in the next year that will be compatible with chip-and-pin cards, as the US begins to move towards adopting the system.