What if you could pay people via email? While it has become commonplace for social platforms to offer one-step payment services, in 2013, Square Cash was an innovative solution that did away with the intermediaries.
Users only had to connect a debit card and then they could pay people through email, without the multiple steps and delays associated with online payments at the time. It launched Android and iOS apps which simplified the process even further, and added mobile number functionality a year later.
In 2015, Square made Cash available for businesses in the United States. This was the first step towards monetization, as businesses were charged 1.5 percent per transaction, while users can send money to friends for free.
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Learn morePulling from Jack Dorsey’s other venture Twitter, Square also launched $Cashtags, another unique identifier to pay people and businesses.
In 2016, Square started to flesh out the app, starting with an ability to maintain a balance.
This was done so Square could get costs under control. Due to the zero transaction cost, Square loses money each time a user withdraws money, so maintaining a balance improves customer contribution. In 2015, Square was losing money each time a customer signed up, but in 2017 the average customer generated $15 in revenue and that has continued to increase.
It made the Cash App more competitive with other peer-to-peer solutions, like Venmo, which allowed users to hold funds. However, it went against the original sentiment of Cash App, which was a no-frills, one-step payment service.
Square debuted the Cash Card in 2017, a debit card for those wary of using their phone to pay for things.
Another addition to the Cash App, and one that has rapidly accelerated revenue generation on the app, is Bitcoin trading. In 2018, Square added the ability to buy and sell Bitcoin, as well as transferring it to a digital wallet, all without the transaction times and costs associated with Bitcoin marketplaces.
It has since become the leading source of revenue for Cash App. Square made “negligible” revenue in the first few years, according to chief financial officer Amrita Ahuja, but has recorded significant revenue growth primarily because of Bitcoin.
It launched zero commission stock trading inside the Cash App in 2021, putting it in direct competition with Robinhood. It’s clear that Square wants Cash App to be more than simple payment tool, but a hub for all financial interests.
We have collected data and statistics on Square’s Cash App. Read on below to find out more. Want to dive deeper into mobile banking? Check out our finance app report.
Cash App Key Statistics
- Cash App made $14.3 billion revenue in 2023, a 34.9% increase on the previous year
- The app had a gross profit of $4.32 billion
- Cash App had 55 million monthly active users in 2023
- 22 million people had a Cash Card in 2023
Want to learn more about the finance app industry? In our Finance App report, we cover financials, forecasts, usage, downloads, demographics and benchmarking data.
Finance App Report 2024
Cash App Overview
| Title 1 | Title 2 |
|---|---|
| Launch date | 15 October 2013 |
| HQ | San Francisco, California |
| People | Jack Dorsey (CEO), Jim McKelvey (director), Amrita Ahuja (CFO) |
| Business type | Division |
| Parent company | Block Inc |
| Industry | Finance |
Cash App Revenue
Revenues generated from Cash App increased 34.9% in 2023 to $14.3 billion.
Cash App revenue 2019 to 2024 ($bn)
Cash App revenue 2018 to 2023 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2018 | 0.4 |
| 2019 | 1.3 |
| 2020 | 5.9 |
| 2021 | 12.3 |
| 2022 | 10.6 |
| 2023 | 14.3 |
Sources: Finance App Report, Company data
Cash App Bitcoin Revenue
The majority of Cash App revenues come from Bitcoin, which can be transacted on the platform.
Cash App Bitcoin revenue 2019 to 2023 ($bn)
| Year | Bitcoin revenue ($bn) |
|---|---|
| 2019 | 0.51 |
| 2020 | 4.57 |
| 2021 | 10.02 |
| 2022 | 7.11 |
| 2023 | 9.5 |
Sources: Finance App Report, Company data
Cash App Profit
Cash App made almost $4.32 billion in gross profit in 2023, its highest reported annual profit.
Cash App gross profit 2018 to 2023 ($bn)
| Year | Profit ($bn) |
|---|---|
| 2018 | 0.19 |
| 2019 | 0.45 |
| 2020 | 1.23 |
| 2021 | 2.07 |
| 2022 | 2.95 |
| 2023 | 4.32 |
Source: Company data
Cash App Users
Over 50 million people use Cash App, almost all users are based in the US.
Cash App users 2016 to 2023 (mm)
| Year | Users (mm) |
|---|---|
| 2016 | 3 |
| 2017 | 7 |
| 2018 | 15 |
| 2019 | 24 |
| 2020 | 36 |
| 2021 | 44 |
| 2022 | 51 |
| 2023 | 55 |
| 2024 | 57 |
Sources: Business Insider, Company data, Fool
Cash App Card Owners
Of the 55 million users, 22 million have a Cash App Card, which works similar to a normal debit card.
Cash App Card owners 2019 to 2023 (mm)
| Year | Cash Card owners (mm) |
|---|---|
| 2019 | 3.5 |
| 2020 | 7 |
| 2021 | 13 |
| 2022 | 18 |
| 2023 | 22 |
Source: Company data, Fool
Cash App Inflows
Cash App had $63 billion customer inflows in Q4 2023. This is the amount of money deposited by customers during that quarter.
Cash App customer inflows 2021 to 2023 ($bn)
| Date | Inflows ($bn) |
|---|---|
| Q4 2021 | 45 |
| Q1 2022 | 48 |
| Q2 2022 | 50 |
| Q3 2022 | 52 |
| Q4 2022 | 54 |
| Q1 2023 | 61 |
| Q2 2023 | 62 |
| Q3 2023 | 62 |
| Q4 2023 | 63 |
| Q1 2024 | 71 |
| Q2 2024 | 71 |
| Q3 2024 | 70 |
Source: Company data
Square vs Competitors: Payment Volume
Zelle has much higher total payment volume than Square and Venmo, which may be due to the average age of each respective app.
Payments volume in United States 2016 to 2023 ($bn)
Want to learn more? Check out our Finance App Report
Cash App FAQ
How much of Cash App revenue comes from Bitcoin?
73.9% of Cash App revenue came from Bitcoin in 2023
How much does the average Cash App user deposit each month?
The average Cash App user deposits $379 into their account each month
What is the gross payment volume on Cash App business?
Cash App had a gross payment volume of $18 billion through its business accounts in 2023
How much revenue does Cash App make from buy now, pay later?
Cash App, through its subsidiary AfterPay, made $1.04 billion revenue from buy now, pay later purchases in 2023
What countries is Cash App available in?
Cash App is currently only available in the US and the UK
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