<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001329799</cik>
        <entityName>Square 1 Financial Inc</entityName>
        <issuerAddress>
            <street1>406 Blackwell Street</street1>
            <street2>SUITE 240</street2>
            <city>Durham</city>
            <stateOrCountry>NC</stateOrCountry>
            <zipCode>27701</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>910-692-4855</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>M.</middleName>
                <lastName>Casey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President &amp; CEO</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Susan</firstName>
                <middleName>G.</middleName>
                <lastName>Casey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Vice President</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Norman</firstName>
                <middleName>P.</middleName>
                <lastName>Creighton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName>R.</middleName>
                <lastName>Mathis</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stanley</firstName>
                <middleName>J.</middleName>
                <lastName>Bradshaw</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>F.</middleName>
                <lastName>Grant, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>S.</middleName>
                <lastName>Muelenbeck</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <lastName>Scott</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lee</firstName>
                <lastName>Settle</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>W.</middleName>
                <lastName>Ellison</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Vice President</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <lastName>Woolley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Vice President</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Judith</firstName>
                <middleName>E.</middleName>
                <lastName>Erwin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>406 Blackwell Street</street1>
                <street2>Suite 240</street2>
                <city>Durham</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>27701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Vice President</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial Banking</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-02-24</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOptionToAcquireType>true</isOptionToAcquireType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Sandler O'Neill &amp; Partners, L.P&gt;</associatedBDName>
                <associatedBDCRDNumber>23328</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>919 Third Ave</street1>
                    <street2>6th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10022</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>48000000</totalOfferingAmount>
            <totalAmountSold>1931250</totalAmountSold>
            <totalRemaining>46068750</totalRemaining>
            <clarificationOfResponse>Represents the issuance of 375,000 warrants to purchase shares of the Issuer's Class A common stock at an exercise price of $5.15 per share.  Such warrants were immediately exercisable upon issuance.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>900000</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>1500000</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Sandler O'Neill &amp; Partners, L.P. will be paid a base fee of $1.5 million plus an amount equal to 5.0% of the aggregate securities purchase price in excess of $30.0 million, excluding sales of securities to designated investors.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Square 1 Financial Inc</issuerName>
                <signatureName>/s/ Richard M. Casey</signatureName>
                <nameOfSigner>Richard M. Casey</nameOfSigner>
                <signatureTitle>President &amp; CEO</signatureTitle>
                <signatureDate>2010-03-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
