Cash App is at the center of the financial services revolution 😎; Revolut is fighting its own banking crisis 😳; MoonPay doubles down on retail 🚀
FinTech is Eating the World, 9 May
Hey Everyone,
Happy Wednesday! Today we’re looking at Cash App, which is at the center of the financial services revolution (& why it’s a FinTech beast we’ve never seen before), Revolut that’s fighting its own banking crisis (running a bank & FinTech isn’t the same), and MoonPay doubles down on retail (good move). Let’s jump straight into the interesting stuff 🌶
Cash App is at the center of the financial services revolution 😎
The money call 💸 Block SQ 0.00%↑, the parent company of Square, has recently posted earnings results. Despite a somewhat slowing growth, it has beaten expectations while the latest numbers illustrate the evolution of a financial services ecosystem, and Cash App is at the center of it all.
Let’s take a look.
More on this 👉 Here are the key numbers from the Block’s first quarter:
Gross payment volume (GPV) reached $51.12 billion, up 17% year over year (YoY) but slowing from 31% during the same period a year ago. Quarter-over-quarter (QoQ) growth dropped by 3.8%.
Gross profits rose 32% YoY to $1.71 billion, slowing slightly from 34% a year earlier.
Square’s GPV fell 5% YoY to a one-year low.
But this doesn’t really matter as Cash App basically stole the whole show. Let’s see how it’s transitioning to a FinTech beast we have not seen before.