I don't think that is very honest considering FaceCash (not entirely sure) didn't beat Square to market, and I don't believe his idea was very "wild and unprecedented" as he claimed.
Yes, seemingly dumb start up ideas get funded, but at the same time a lot of dumb and smart ideas don't get any attention, and there are still a good number of smart ideas that do get funded.
If he couldn't get anyone to back his mobile payments idea, I think it says more about him and his character more than his idea. It's my belief that the reason someone funds/works for you can be attributed to less than half to how good your idea was, especially something that is really early stage.