Quick Facts: Cash App
| Owner | Block, Inc. (formerly Square) |
| CEO | Jack Dorsey |
| Founded | 2013 (launched as Square Cash; renamed Cash App 2018) |
| Headquarters | Oakland, California, USA |
| Ownership Type | Public |
| Stock Ticker | NYSE: SQ |
| Publicly Traded | Yes |
Who Owns Cash App?
Cash App is owned by Block, Inc., the publicly traded financial technology company founded by Jack Dorsey. Block, Inc. — which was known as Square, Inc. until December 2021 — trades on the New York Stock Exchange under the ticker symbol SQ. Jack Dorsey, who is also the co-founder of Twitter (now X), serves as the CEO and is the controlling figure of Block through his ownership of Class B shares, which carry greater voting power than the publicly traded Class A shares. This dual-class structure gives Dorsey effective voting control over major corporate decisions even though he does not own a majority of the economic value of the company.
Cash App was first launched in October 2013 under the name “Square Cash,” a peer-to-peer money transfer feature attached to Square’s core payment processing business. It was rebranded as “Cash App” in 2018 as the product expanded beyond simple money transfers to include features like a linked Visa debit card (the Cash Card), stock trading, Bitcoin buying and selling, direct deposit, and a “Boost” rewards program. By 2024, Cash App had grown to serve tens of millions of monthly active users in the United States and the United Kingdom, generating several billion dollars in gross profit annually and becoming Block’s largest revenue contributor alongside its Square merchant services segment.
Jack Dorsey co-founded Square in 2009 with Jim McKelvey, building the company around a small card reader that plugged into a smartphone’s headphone jack, enabling small businesses to accept credit card payments. Dorsey’s vision expanded dramatically over the years, with Cash App becoming a consumer financial ecosystem that competes directly with Venmo (owned by PayPal), Zelle, and Apple Pay Cash. Brian Grassadonia served as Cash App’s head (general manager) for several years before leadership transitions at Block reshuffled the product’s executive team.
About Block, Inc.
Block, Inc. rebranded from Square, Inc. in December 2021 to reflect its broader ecosystem beyond point-of-sale payment hardware. The name “Block” refers to the building blocks of the company’s different business segments: the Square seller segment serving businesses, the Cash App consumer segment, the TIDAL music streaming service (partially owned by Block), and TBD, a decentralized finance and Bitcoin-focused subsidiary. Jack Dorsey has been an outspoken Bitcoin advocate, and Cash App’s Bitcoin trading and storage features have been a significant source of revenue for Block. The company is headquartered in Oakland, California, and employs thousands of people globally.
Key Ownership Highlights
- Jack Dorsey controls Block through dual-class shares: Like his co-founder role at Twitter, Dorsey structured Block with a dual-class share system. He holds Class B shares with superior voting rights, giving him effective control of the company’s major decisions despite not owning a majority of its economic value.
- Cash App serves tens of millions of users: Cash App has grown from a simple peer-to-peer payment tool into a full consumer financial platform offering money transfers, a debit card, stock investing, Bitcoin purchasing, direct deposit, and tax filing services (Cash App Taxes).
- Cash App is Block’s largest revenue segment: By revenue and gross profit, Cash App has consistently outpaced Block’s Square merchant services segment in recent years, driven by Bitcoin transaction volumes and growing consumer adoption of financial services on the app.
- Block rebranded from Square in 2021: The company changed its name from Square to Block in December 2021, reflecting Jack Dorsey’s vision for a multi-segment technology company with ambitions beyond payment processing — including music (TIDAL) and decentralized Bitcoin finance (TBD).
- NYSE: SQ remains one of fintech’s flagship stocks: Block, Inc. (NYSE: SQ) became public in November 2015 in a highly anticipated IPO. It has been one of the most closely followed fintech stocks on Wall Street, with its fortunes closely tied to Cash App’s growth and Bitcoin price movements.
Frequently Asked Questions
Who owns Cash App?
Cash App is owned by Block, Inc. (NYSE: SQ), formerly known as Square, Inc. Block was co-founded by Jack Dorsey, who serves as CEO and maintains voting control through dual-class shares. Cash App was launched in 2013 as “Square Cash” and rebranded in 2018.
Is Cash App publicly traded?
Cash App itself is not separately traded — it is a product division of Block, Inc. Block, Inc. is publicly traded on the New York Stock Exchange under the ticker symbol SQ. The company went public in November 2015.
Who is the CEO of Cash App?
Jack Dorsey is the CEO of Block, Inc., the parent company of Cash App. Cash App operates as a division of Block, overseen by Dorsey and Block’s leadership team. Dorsey co-founded Square (now Block) in 2009 and is also a co-founder of Twitter (now X).
What can you do with Cash App?
Cash App lets users send and receive money, use a linked Visa debit card (Cash Card), invest in stocks and ETFs, buy and sell Bitcoin, set up direct deposit, and file taxes (Cash App Taxes). It competes with Venmo, Zelle, and PayPal in the mobile payments space.
