Cash App by Square reported 24 million monthly active customers in December 2019, up from 15 million in the previous year.
The payments app is being used by friends and family to send money to each other.
According to an earnings report, monthly active users have increased rapidly from 7 million in December 2017.
The latest estimates put it close to its competitors Venmo and Zelle which have around 27 million and 35 million monthly users in the US, respectively.
Square reported that it has successfully monetised the app by adding additional features and expanding its seller ecosystem.
Total net revenue and gross profit of its seller ecosystem grew 26% and 27%, respectively in 2019.
Meanwhile, the app’s total net revenue and profit grew 147% and 104% year-on-year.
The Cash App accounted for 27% of Square’s gross profits during Q4 2019 – up from 19% in 2018.
Among the top features driving revenue for the Cash App was its transfer network.
The Square Cash Card is now used by 20% of Cash App users. Other features include cryptocurrency options, investment and instant deposit tools. It’s likely that these tools are contributing to the app’s success.