TECH - Block's Cash App to Exit UK Market Stock Drops | Benzinga
Block Inc (NYSE:SQ) announced that its consumer-payments platform, Cash App, will cease operations in the U.K. on September 15, six years after launching there.
The platform, known for its mobile money transfers, was the company’s first international market when it debuted in 2018. Block’s stock is trading lower on Thursday.
The company website quoted, “In recent months, we have outlined our strategic approach for Cash App, which prioritizes our focus on the United States and deprioritizes global expansion. All of our operations remain unaffected by this decision,” Bloomberg reports.
Cash App, launched in 2013, has become a well-known part of Block, the fintech company led by Jack Dorsey. However, the peer-to-peer payments market has grown more competitive with the rise of PayPal Holdings Inc’s (NASDAQ:PYPL) Venmo and bank-focused Zelle.
This decision follows NBC’s February report ...