Square released an update Tuesday to its Cash app that lets users transfer funds to recipients via text or email, according to the company's blog post. Recipients do not need the app to receive funds.

Square also redesigned the app to help users better track payments and requests with push notifications. A new profile feature enables users to link their email and phone contacts to their account.

Square Cash debuted last November.

"In less than a year of service, people have used Cash to send and receive hundreds of millions of dollars with more than a quarter of all Cash transactions being sent across city and state lines," Square wrote in its blog.

Meantime, published reports surfaced Wednesday that said Square is in the process of raising capital for a $6 billion valuation.

Square wants to reportedly raise $200 million in funds. CNBC said some of this funding will come from the Government of Singapore Investment Corporation. The site noted many Asian investors are backing companies in the U.S. technology market. Lyft, Tango and Snapchat have benefitted from such investments.