Block, the parent company of Cash App, is broadening the app’s financial offerings to serve gig workers, crypto users and individuals who have limited access to traditional banking. The move is intended to position Cash App as a primary financial services provider and diversify revenue beyond payments.
Cash App’s monthly active transacting accounts have roughly quadrupled from 2018 to 2024, driven by pandemic‑era promotions and social media campaigns. The rapid growth has attracted attention from state and federal regulators, which have alleged that the platform has been used for scams, drug transactions, money laundering and other illicit activity.
In response, Block increased its legal reserve to $526 million in August to cover a potential settlement with the U.S. Department of Justice, and it continues negotiations with authorities. The company also faces criticism over customer‑support practices and its handling of suspected fraud.
To expand its product suite, Block is adding personal loans, buy‑now‑pay‑later options, stock and Bitcoin trading, savings accounts and merchant‑reward programs to Cash App. In September, the firm submitted an application to the U.S. Office of the Comptroller of the Currency for a national trust bank charter, named Builders Bank & Trust, N.A. The proposed uninsured bank would offer custody and fiduciary services for digital assets, including Bitcoin and stablecoins, pending regulatory approval.
