{
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block expands cash app into banking amid competitive challenges and scrutiny

Fintech firm Block is expanding Cash App into a full-service banking platform, targeting US households earning up to $150,000. With 57 million active users, the app has seen a 25% increase in direct paycheck deposits, now totaling 2.5 million. Despite offering new services like high-yield savings accounts and short-term loans, Block's stock has dropped 32% this year, facing stiff competition from Chime and Robinhood, along with regulatory challenges.
Tech in Asia
United States Dollar Block, Inc. USA Jack Dorsey Owen Jennings
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05:35 04.04.2025
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