Block (NYSE: SQ), formerly known as Square, is home to the Square platform, Cash App, Spiral, Tidal and TBD. The company dramatically underperformed the market in 2022; reasons included recession-constrained consumer spending and fears surrounding its (expensive) Afterpay acquisition.
However, this is still an impressive financial technology (“fintech”) disruptor with lots of room to grow its ecosystem. Through Square, Block offers everything from point-of-sale, or POS, systems and payment processing services to marketing software and deposit accounts. It’s been growing Square internationally and adding larger customers, while processing more than $200 billion in annualized volume.
Meanwhile, more than 49 million people actively use Cash App. Whereas Square simplifies commerce for sellers, Cash App aims to simplify money management for consumers. It brings together ways to send, spend, borrow and invest money on a single platform, a convenience that’s especially appealing to younger generations. Cash App ranked as the most-downloaded finance app in the U.S….