Block, the parent company of Square and Cash App, is betting that the future of money won’t look a lot like its past.
Block’s Vision for Financial Management
During its second-quarter 2025 earnings call on August 7, Block’s executives outlined a bold vision for the future. The company believes its ambitions extend far beyond merely facilitating payments. Rather, Block envisions itself as a comprehensive platform where individuals can manage their financial lives holistically and where businesses—regardless of size—can operate with the sophistication typically reserved for larger enterprises.
In the words of CEO Jack Dorsey, Block is “back on offense.” This renewed strategy is evident in the impressive metrics reported: double-digit gross profit growth, expanding margins, and an updated, optimistic full-year forecast. However, what piques interest is not merely the earnings figures but how Block is leveraging its scale, speed, and software to seamlessly integrate into the everyday lives of its customers—ranging from teenage Cash App users to mid-market coffee chains.
Square is capitalizing on its strengths, which include sleek hardware and robust software, all designed to empower small businesses to function as though they possess enterprise-level tools. In Q2, Square’s gross payment volume (GPV) grew by 10% to an impressive $64.2 billion. Notably, international growth of 25% far outpaced the U.S. growth rate of 7%.
See also: Block Joins S&P 500 as Crypto’s Mainstreaming Marches On
Block Focuses on Blockchain Banking
Block’s consumer arm, once primarily a peer-to-peer payments app, is evolving into what its leaders now call a “financial operating system for the next generation.” This new framework is anchored by four pillars: the first is a peer-to-peer network that connects communities; the second comprises commerce tools designed to make spending and earning seamless; the third includes banking features for saving, borrowing, and investing; and the fourth is dedicated to bitcoin capabilities that allow crypto to function as “everyday money.”
For instance, Cash App processed a staggering $218 billion in peer-to-peer volume over the previous year. This P2P network has become a low-cost growth engine for the company, as most new users tend to sign up organically through personal connections, significantly reducing the customer acquisition costs that competitors often face.
The company’s commerce network—including Cash App Card, Cash App Pay, Cash App Business, and Afterpay—handled $183 billion in spending over the last year, reflecting a 16% increase. Furthermore, Cash App plans to enhance its features by personalizing card offers and introducing an “auto-selection” function to help users unlock savings effortlessly. In the buy now, pay later (BNPL) segment, gross merchandise value reached $9.11 billion, marking a 17% increase driven by Pay-in-Four plans and new post-purchase options.
Block’s banking activities also saw considerable growth, with a reported 8 million active users in June under a broader account usage definition, reflecting a 16% year-over-year increase. Notably, the Borrow feature, which offers short-term loans, experienced a remarkable 95% increase in originations, reaching an annualized total of $18 billion. Even amid this explosive growth, Borrow maintained steady margins—indicative of the company’s ability to scale without sacrificing quality.
In addition, Cash App customers have traded over $58 billion in bitcoin since the platform’s launch. Recently, Block made moves to increase withdrawal limits and, excitingly for sellers, they will soon be able to accept bitcoin payments that settle instantly in either cryptocurrency or local currency.
By the end of this year, sellers will also be able to accept bitcoin directly through Square hardware, with payments settled in either bitcoin or the local currency. This effort aligns with Block’s belief that providing multiple payment options will serve as a key differentiator in the long run.
Read more: Block to Enable Merchants to Accept Bitcoin Payments
Innovations in Hardware, AI, and Market Expansion
Currently, Block is prioritizing more deliberate integration between Cash App and Square. Cash App Business sellers can utilize Square’s Tap to Pay feature on their iPhones, further blending consumer and merchant experiences. The data and marketing tools that drive consumer engagement are now starting to appear in products aimed at merchants.
In May, the company debuted the Square Handheld, designed to offer mobility and efficiency for servers, retail associates, and back-office managers. At the same time, Square AI was introduced within the seller dashboard. Powered by an in-house AI agent nicknamed “Goose,” this feature provides merchants with instant insights—ranging from top-selling items by time of day to consumer spending patterns—delivered through a conversational interface.
Mid-market sellers, defined as those generating over $500,000 in annual GPV, experienced a 17% year-over-year growth in volume. This segment now accounts for 44% of Square’s GPV, highlighting a significant opportunity for market expansion. The company’s sales initiatives are further supported by a newly hired field team and a global scaling of its telesales team.
Nevertheless, it is worth noting that Block’s ventures into Borrow, BNPL, and bitcoin payments do come with inherent risks related to consumer credit cycles, regulatory changes, and the volatile nature of cryptocurrency markets. A macroeconomic slowdown affecting discretionary spending could influence both the GPV for Square and the inflows for Cash App.
Should Block meet its ambitious targets, it anticipates not only achieving higher numbers but also attaining deeper integration across its platforms and reinforcing its grip on the daily financial transactions of millions of individuals and businesses alike.
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