Rizvi Traverse Management has decided it's hip to be a square (investor). Square, the mobile payments startup, is reportedly getting close to raising a $200 million financing led by Rizvi, a Michigan-based PE investor. The $200 million infusion would give the company an awe-inducing valuation of about $3.25 billion. Square counts VC behemoths Kleiner Perkins Caufield & Byers, Sequoia Capital, First Round Capital and Khosla Ventures among its current investors, although its unlikely that many (if any) of them will participate in the upcoming round. KPCB led a $100 million Series C round for Square last June.