Cash App Revenue and Growth Statistics (2024)
Some amazing facts about Cash App
- Nearly half of Cash App’s users (48.75%) are in Texas, California, Florida, and New York – four of the top ten states accounting for 72% of the app’s users.
- Cash App had 70 million transacting users in 2021. In 2022, they had over 528 million transactions.
- Cash App earned $10.6 billion in 2022, down from $12.3 billion in 2021. Its revenue was $5.9 bilion in 2020, $1.3 billion in 2019, and $400 million in 2018.
- Cash App’s profits increased annually from $190 million in 2018 to $2.95 billion in 2022.
- Cash App’s valuation has increased significantly from $40 billion in 2020 to $138 billion in 2022.
- The typical monthly active user on Cash App deposited slightly more than $1,000 into their account in 2022.
Cash App Overview
Cash App Valuation
Cash App’s valuation has significantly increased over the years. In 2020, it was valued at $40 billion, which grew to $75 billion in 2021 and $138 billion in 2022.
Source: Forbes
Cash App Valuation Multiplier
Cash App Revenue
Cash App generated $10.6 billion in revenue in 2022, a decrease from the previous year’s revenue of $12.3 billion. In 2020, the company’s revenue was $5.9 billion, while in 2019 and 2018, the company’s revenue was $1.3 billion and $400 million, respectively.
Cash App Profit
In 2022, Cash App earned a profit of $2.95 billion, which was an increase from the previous year’s profit of $2.07 billion. The profit was $1.23 billion in 2020, $450 million in 2019, and $190 million in 2018.
Cash App Funding
Cash App, a mobile payment service owned by Square, received substantial funding through a pre-seed round on April 4, 2019.
An impressive amount of $75,000 was raised during this round, which allowed Cash App to further develop its technology and expand its user base.
With this funding, Cash App was able to hire new employees and invest in marketing campaigns to reach a wider audience. The success of this pre-seed round was a key milestone in the growth of Cash App and set the stage for even greater achievements in the future.
Source: CrunchBase
Cash App Investors
Cash App is owned and operated by the financial technology company Square, Inc.
Cash App is funded by Kadda Sheekoff, a private investor who has shown great interest in the growth and development of the platform.
Kadda Sheekoff’s investment has allowed Cash App to continue to innovate and expand its services, providing users with more options and features to enhance their mobile payment experience.
Source: CrunchBase
In which countries is Cash App available?
Cash App, a mobile payment service, is currently available only for use in the United States of America and the United Kingdom.
How many Cash App users are there?
As of 2022, the app has 51 million users, up from 44 million in 2021 and 36 million in 2020.
This represents a significant increase from the 15 million users reported in 2018 and only 3 million in 2016.
The app’s popularity, ease of use, and range of services offered are likely drivers of this growth.
Source: The Information, Tech Crunch, Stilt
How many new Cash App users joined in 2022?
In 2022, Cash App saw a significant increase in its user count. With the addition of 7 million new users, the app’s total user count rose to 51 million.
This represents a notable increase from the previous year when the app had 44 million users.
It is clear that Cash App is quickly becoming a popular choice among consumers for peer-to-peer transactions and other financial services.
With this growth in user base, it is likely that the app will continue to expand its offerings and capabilities, providing even more value to its loyal customers.
Source: Reuters
Cash App Users by Country
Cash App has almost 50 million users in the US, making it one of the most widely used mobile payment apps in the country.
Along with its popularity in the US, Cash App has also gained significant traction in the United Kingdom, with 1.41 million users. In addition to its success, Cash App has been praised for its user-friendly interface and quick transaction times, making it a top choice for many consumers.
Furthermore, the app offers various features such as the ability to invest in stocks and Bitcoin, and a cash card that can be used for purchases. All of these factors have contributed to the app’s growing success and continued relevance in the mobile payment industry.
Overview of Cash App Usage in the US
How strong is Cash App’s market position in US digital banking?
Cash App is the third most popular mobile payment option in the United States, after PayPal and Apple Pay.
Cash App has approximately 20% market share in the digital banking industry in the US.
Source: Statista
How many people use Cash App in the US?
Cash App has over 44.9 million active US users, making it a popular digital banking service.
A recent survey found that 26% of US adults have used Cash App.
Source: Paw Research Center
Cash App Users in the U.S. by States
Cash App’s user base is mainly concentrated in four states – Texas, California, Florida, and New York – which make up almost half (48.75%) of all users.
These four states are known for their large metropolitan areas and booming economies, which may explain why Cash App has gained such popularity there.
However, the app’s reach is not limited to these states alone. While the top ten states, which include these four, account for a large majority (72%) of the app’s users, Cash App is still widely used in other states as well.
In fact, the app has seen a steady increase in users across the country, indicating that it is becoming a popular choice for those looking for a simple and convenient way to manage their finances.
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Source: Stilt
What is the number of transactions made in the US using Cash App?
Cash App’s popularity continues to soar, with 70 million annual transacting users reported in 2021, a significant increase from the previous year.
In 2022, the number of monthly transacting active users exceeded 44 million, and the app processed over 528 million transactions, thanks to its user-friendly interface, security, and easy payments.
Expect more growth and expansion from Cash App in the future.
Source: Sec Gov
Overview of Cash App Usage in the UK
What is Cash App’s market share for digital banking in the UK?
In the digital banking market of the UK, Cash App has not been widely adopted and is not currently one of the top 10 most commonly used payment methods. It is believed that Cash App’s market share for digital banking in the UK is below the benchmark of 0.05%.
Source: Statista
How many people use Cash App in the UK?
Based on the 2020 report, Cash App had over 10,000 monthly active users (MAUs) on Android devices in the United Kingdom (UK).
Source: Statista
How does Cash App make money? (Cash App business model)
Cash App earns revenue through transaction fees, Bitcoin trading, its Cash Card, Cash Boost rewards program, and interest on user deposits.
- Transaction fees: 0.5% – 1.75% for instant transfers to a bank account; 3% for credit card transfers; 2.75% per transaction for businesses accepting Cash App payments.
- Bitcoin trading: fees up to 1.76%.
- Cash Card: a free debit card for purchases and ATM withdrawals; Cash App earns a percentage of the interchange fees.
- Cash Boost: rewards program with discounts at select merchants; Cash App earns a percentage of redeemed offers.
- Interest on deposits: Cash App invests users’ money in short-term securities and earns interest.
What is Cash App’s transactions commission?
Cash App charges businesses a competitive fee of 2.75% per transaction for accepting payments.
This fee includes features such as free deposits and instant transfers to help businesses manage their finances.
How much loan can Cash App lend to its customers?
With Cash App loans, you’ll typically have to repay within four weeks.
You may be able to borrow between $20 and $200 based on your transaction history with the app.
The interest rates and fees for these loans will depend on the lender and the amount borrowed.
Source: Cash App
What is the average deposit of Cash App customers?
The typical monthly active user on Cash App deposited slightly more than $1,000 into their account in 2022.
Source: Payments Journal
How many users are actively using Cash App for transactions?
In 2022, Cash App boasted 44 million monthly active users worldwide and had facilitated over 350 million payments since the app’s launch.
According to data from June 2020, Cash App users make an average of 7 transactions per month.
Source: Stilt
Cash App’s android downloads count
The Cash App has surpassed 50 million android downloads worldwide.
Source: Play Store
Who are Cash App users? (users demography)
Cash App users by gender
Cash App has a predominantly male user base, with males accounting for 61.29% of its customers. Female users make up the remaining 38.71%.
Source: Similar Web
Cash App users by age group
The largest age group consists of users aged 25-34, who account for 30.35% of all users. They are followed by users aged 18-24 at 23.36%.
Users aged 35-44 make up 20.61% of users, while users aged 45-54 and 55-64 account for 12.56% and 8.05% respectively. The smallest group consists of users aged 65 and over, who make up only 5.08% of all users.
Source: Similar Web
Cash App marketing channels overview
Cash App’s traffic primarily comes from direct sources, indicating strong user engagement and brand loyalty. Almost half of the traffic is generated by users who either enter the URL directly or have bookmarked the site. With such a high percentage of direct traffic, we can confidently say that Cash App has a dedicated and engaged user base.
Organic search is the second largest source of traffic. The social media traffic is not significant, but there is potential to use social media to drive more traffic and grow the user base.
Source: Similar Web
Overview of Cash App’s social media traffic
Cash App’s social media traffic is primarily driven by Youtube, which accounts for 30.78% of the overall share.
Twitter follows closely behind at 26.33%, while Reddit generates 13.79% of the traffic. Facebook and Instagram each account for 12.26% and 10.31%, respectively.
However, it is important to note that only 6.54% of the traffic is generated from other social media platforms, indicating that Cash App’s marketing strategy is highly focused on the top five platforms.
This data suggests that Cash App may benefit from expanding its presence on other social media platforms to diversify its marketing efforts and reach a wider audience.
Source: Similar Web
Cash App traffic by device in country.
- By Country
88.18% of Cash App traffic is from the United States, 1.76% is from the United Kingdom, and the remaining 10.06% is from other countries.
Source: Similar Web
Cash App Review
Cash App scored 4.6 out of 5 stars on Google Play and 4.8 out of 5 stars on the Apple App Store.
Source: Play Store, App Store
Who founded Cash App?
Cash App was co-founded by Jack Dorsey, Jim McKelvey, and the late Bob Lee.
Dorsey, who is also known as the co-founder and former CEO of Twitter, is widely recognized for his outstanding contributions to technology and business and has received numerous awards and honors.
McKelvey, who co-founded Square with Dorsey, is an exceptional entrepreneur, inventor, and philanthropist, and has also founded Invisibly and Third Degree Glass Factory.
Bob Lee, who played a key role as the chief technology officer of Square and the chief product officer of MobileCoin, was an integral part of creating Cash App.
Cash App founder’s net worth
- Jack Dorsey, co-founder, and former CEO of Twitter is worth $4.2 billion.
Source: Forbes
- Jim McKelvey, co-founder of Cash App and Square, is worth $1.5 billion.
Source: Forbes
How many people work at Cash App?
As of 2023, Cash App proudly employs 3,000 talented and dedicated individuals. In 2022, the company had a strong team of 2,929 employees. The year before, in 2021, its workforce grew to 2,887 employees, and in 2020, it had about 2,500 employees.
Source: LinkedIn, Rocket Reach, Zippia
How many office locations does Cash App have?
Cash App currently operates only in the US and UK but has office locations in various parts of the world, including Kitchener-Waterloo, New York City, St. Louis, San Francisco, Toronto, Charlotte, Melbourne, Portland, Salt Lake City, and Sydney.
Source: Cash App
What other products does Cash App offer to customers?
Cash App not only provides its core peer-to-peer money transfer service but also offers several other financial products to its customers. These include:
- Cash Card: A debit card that grants access to withdrawing cash from ATMs, making purchases online and in-store, and receiving discounts at participating merchants.
- Bitcoin trading: Cash App enables users to buy, sell, and transfer Bitcoin, one of the most popular cryptocurrencies in the world.
- Direct deposit: Users receive their paychecks, tax refunds, and other payments deposited directly into their Cash App accounts.
- Investing: Cash App Investing enables users to invest in stocks and ETFs (exchange-traded funds) commission-free.
- Boosts: Cash App offers discounts at selected merchants through its Boosts program. Users can select Boosts to apply to their Cash Card transactions, which can save them money on everyday purchases.
Source: Cash App
