Cash App Revenue and Usage Statistics (2024)

David Curry

Updated: July 5, 2024

What if you could pay people via email? While it has become commonplace for social platforms to offer one-step payment services, in 2013, Square Cash was an innovative solution that did away with the intermediaries.

Users only had to connect a debit card and then they could pay people through email, without the multiple steps and delays associated with online payments at the time. It launched Android and iOS apps which simplified the process even further, and added mobile number functionality a year later.

In 2015, Square made Cash available for businesses in the United States. This was the first step towards monetization, as businesses were charged 1.5 percent per transaction, while users can send money to friends for free.

Pulling from Jack Dorsey’s other venture Twitter, Square also launched $Cashtags, another unique identifier to pay people and businesses.

In 2016, Square started to flesh out the app, starting with an ability to maintain a balance.

This was done so Square could get costs under control. Due to the zero transaction cost, Square loses money each time a user withdraws money, so maintaining a balance improves customer contribution. In 2015, Square was losing money each time a customer signed up, but in 2017 the average customer generated $15 in revenue and that has continued to increase.

It made the Cash App more competitive with other peer-to-peer solutions, like Venmo, which allowed users to hold funds. However, it went against the original sentiment of Cash App, which was a no-frills, one-step payment service.

Square debuted the Cash Card in 2017, a debit card for those wary of using their phone to pay for things.

Another addition to the Cash App, and one that has rapidly accelerated revenue generation on the app, is Bitcoin trading. In 2018, Square added the ability to buy and sell Bitcoin, as well as transferring it to a digital wallet, all without the transaction times and costs associated with Bitcoin marketplaces.

It has since become the leading source of revenue for Cash App. Square made “negligible” revenue in the first few years, according to chief financial officer Amrita Ahuja, but has recorded significant revenue growth primarily because of Bitcoin.

It launched zero commission stock trading inside the Cash App in 2021, putting it in direct competition with Robinhood. It’s clear that Square wants Cash App to be more than simple payment tool, but a hub for all financial interests.

We have collected data and statistics on Square’s Cash App. Read on below to find out more.

Cash App Key Statistics

  • Cash App made $14.3 billion revenue in 2023, a 34.9% increase on the previous year
  • The app had a gross profit of $4.32 billion
  • Cash App had 55 million monthly active users in 2023
  • 22 million people had a Cash Card in 2023

Cash App Overview

Title 1Title 2
Launch date15 October 2013
HQSan Francisco, California
PeopleJack Dorsey (CEO), Jim McKelvey (director), Amrita Ahuja (CFO)
Business typeDivision
Parent companyBlock Inc
IndustryFinance

Cash App Revenue

Revenues generated from Cash App increased 34.9% in 2023 to $14.3 billion.

Cash App quarterly revenue 2019 to 2024 ($bn)

Cash App annual revenue 2018 to 2023 ($bn)

YearRevenue ($bn)
20180.4
20191.3
20205.9
202112.3
202210.6
202314.3

Source: Company data

Cash App Bitcoin Revenue

The majority of Cash App revenues come from Bitcoin, which can be transacted on the platform.

Cash App annual Bitcoin revenue 2019 to 2023 ($bn)

YearBitcoin revenue ($bn)
20190.51
20204.57
202110.02
20227.11
20239.5

Source: Company data

Cash App Profit

Cash App made almost $4.32 billion in gross profit in 2023, its highest reported annual profit.

Cash App annual gross profit 2018 to 2023 ($bn)

YearProfit ($bn)
20180.19
20190.45
20201.23
20212.07
20222.95
20234.32

Source: Company data

Cash App Users

Over 50 million people use Cash App, almost all users are based in the US.

Cash App annual users 2016 to 2023 (mm)

YearUsers (mm)
20163
20177
201815
201924
202036
202144
202251
202355

Sources: Business Insider, Company data, Fool 

Cash App Card Owners

Of the 55 million users, 22 million have a Cash App Card, which works similar to a normal debit card.

Cash App Card owners 2019 to 2023 (mm)

YearCash Card owners (mm)
20193.5
20207
202113
202218
202322

Source: Company data, Fool

Cash App Inflows

Cash App had $63 billion customer inflows in Q4 2023. This is the amount of money deposited by customers during that quarter.

Cash App customer inflows 2021 to 2023 ($bn)

DateInflows ($bn)
Q4 202145
Q1 202248
Q2 202250
Q3 202252
Q4 202254
Q1 202361
Q2 202362
Q3 202362
Q4 202363

Square vs Competitors: Payment Volume

Note: Each company declares volume differently; it is not a 1:1 scale. 

Cash App FAQ

How much of Cash App revenue comes from Bitcoin?

76 percent of Cash App revenue comes from Bitcoin

How much have Cash App users stored on the app in total?

Cash App users have stored a total of $1.7 billion (ZDNet)

What countries is Cash App available in?

Cash App is currently only available in the US and the UK

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