Here’s How the Top Finance App in the U.S. Could Quickly Take the World by Storm

Financial technology (fintech) company Block (SQ 9.60%) has multiple business segments, but arguably none more important than its Cash App ecosystem. In 2019, Cash App accounted for just 25% of the company’s total gross profit. By 2021, Cash App’s gross profit was 350% larger and accounted for nearly half of Block’s total gross profit.

In short, Cash App is fueling an outsized portion of Block’s growth. And while growth has been white-hot, it could get even hotter as management sets its eyes on international markets. Here’s why.

Cash App is the top U.S. finance app

On July 13, third-party research company Apptopia released a report on the most downloaded finance apps through the first half of 2022. PayPal Holdings (PYPL 12.18%) stole the headlines, being the most downloaded finance app in the world with 49 million downloads, way ahead of fourth-place Cash App, with 35 million downloads.

However, the global comparison isn’t fair. PayPal is more mature and has already expanded internationally. By contrast, just 3% of Block’s revenue in 2021 came from international markets. And Cash App is only available internationally in the U.K., while it’s available in Spain under the name Verse. Therefore, with such little international expansion to date, it’s not surprising to see Cash App downloads lag PayPal worldwide.

Cash App offers services like peer-to-peer transfers, stock brokerage, paycheck direct deposit, and much more. And what it lacks internationally, it…

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