Square provides tools that empower businesses, sellers and individuals to participate in the economy. Hence, the company enables sellers to accept card payments, an important capability that was inaccessible to many businesses before Square’s foundation in 2009. Similarly, with Cash App, the company also provides reporting and analytics, and next-day settlement within a parallel ecosystem of financial services.
The company monetizes these products through a combination of transaction, subscription, and service fees. For the three months ended March 31, 2021, total net revenue, excluding bitcoin revenue, increased by $471.2 million, or 44% compared to the Q1 in 2020.
On July 20, 2021, Square introduced Square Banking, a suite of powerful financial tools for small businesses. The payments and banking products work seamlessly together, providing sellers with an advanced financial solution to manage their cash flow and expand their landing capability. Consequently, small businesses can have a single home for their entire business, gaining a unified view of their payments, account balances, expenditures, and financing options.
Additionally, on October 7, 2020, Square purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. Square has been a leader in the bitcoin space since 2018 through their Cash App product, which provides customers the ability to buy and sell bitcoin. As believers in bitcoin’s potential for continued future growth, the company formed Square Crypto, an independent team solely focused on contributing to bitcoin open source work.