If you're a fan of the platform, you may have wondered who owns Cash App, the popular payment app. Cash App is owned by Block, Inc., formerly Square, Inc., a financial services and mobile payment company founded in 2009 by Jack Dorsey and Jim McKelvey. The company is headquartered in San Francisco, California, and has a wide range of financial services and products, including Cash App, Square Point of Sale, Square Capital, and Square Register. Square went public in 2015 and is now a publicly-traded company listed on the New York Stock Exchange.
If you are a fan of Cash App and are new to the platform, it is probable that the question “who owns Cash App?” has popped up in your mind at least once. The app has been hugely successful, with over 7 million downloads on the Google Play Store. On top of that, it has become a popular alternative to traditional banking services.
In this article, we'll explore the history of Cash App and learn more about its ownership.
Who Owns Cash App?
Cash App is owned and operated by the fintech company Block, Inc., a popular financial services company originally named Square, Inc.
Cash App was launched in 2013 as a peer-to-peer mobile payments app. But since its launch, a lot has happened with Cash App, which is why it keeps growing and attracting new users.
Here’s a timeline of how Cash App has grown into the mega fintech it is today:
- October 15, 2013: Cash App was launched as Square Cash by Square, Inc.
- 2015: Square Cash is rebranded as Cash App. It expands to include the ability to purchase and sell Bitcoin and introduces Cash App for Business.
- 2017: Cash App introduces the ability for users to make direct deposits to their accounts and use their account balances to pay bills.
- 2018: Cash App expands to the United Kingdom and introduces the option to invest in stocks and options through its Cash App Investing service.
- 2020: Cash App surpasses Venmo to become the most widely used mobile payment app in the United States.
- 2021: Cash App announces plans to expand into the financial services industry, including offering checking accounts and debit cards to users. At the end of 2021, Square, Inc. rebrands as Block, Inc.
The Company Behind Cash App: Square, Inc.
Cash App—the popular mobile payments app—was developed by the fintech company Square, Inc. in 2013. Square, Inc. was founded in 2009 by Jack Dorsey, the co-founder of Twitter, and Jim McKelvey. It’s a public company traded on the New York Stock Exchange (NYSE) under the “NYSE:SQ” ticker. The company rebranded in December 2021 as Block, Inc.
Besides Cash App, Block, Inc. has a diverse range of products and services, including point-of-sale systems, mobile payment processing, and business financing. The Cash App is just one part of Block's offerings.
In 2013, Square Inc released the app as Square Cash to make it easy for individuals to send and receive money using their mobile devices. The app was a hit, and in 2015, it was renamed as Cash App to reflect its broader focus on personal finance.
Today, the Cash App is a core part of Block's business and continues to grow in popularity. In addition to basic money-sending and receiving capabilities, the app allows users to file taxes, invest in stocks, buy and sell Bitcoin, and more.
Future Plans For Cash App
In 2021, Square announced plans to expand into the financial services industry, including offering checking accounts and debit cards to users through Cash App. This significantly expands the service's capabilities and positions Cash App as a major player in the financial industry.
As the owner of Cash App, Block is well-positioned to continue shaping the future of mobile payments and financial services. With its strong leadership and innovative products and services, the company will surely be a key player in the industry for years to come.
Who Owns Cash App FAQs
Is Cash App safe?
Yes, Cash App is safe. It employs cutting-edge encryption methods and fraud detection technologies to ensure the security of your data and money.
Is Cash App an actual bank?
No, Cash App is not a bank but a financial platform. The banking services they provide, such as debit cards, are issued by Cash App's bank partner(s).
Is Cash App federally insured?
We can say Cash App is partly federally insured. If you have a Cash Card, the Federal Deposit Insurance Corporation (FDIC) insures the funds in your Cash App account through Cash App partner banks. The FDIC will insure qualified accounts up to a maximum of $250,000 per Cash App user. However, FDIC does not insure Cash App Bitcoin and investment balances.
Is Cash App better than Venmo?
Cash App isn’t necessarily better or worse than Venmo; it’s different. Although Cash App and Venmo offer the same core feature, which is P2P money transfers and cashing out in different ways, the difference in features makes each stand out in its own right. For example, Venmo offers a credit card, but Cash App doesn’t. On the other hand, Cash App provides the ability to invest in stocks and Bitcoin, while Venmo doesn’t. So, in the end, whether Cash App is better than Venmo or not depends on your needs and preferences.