Cash App is a popular mobile payment service that allows users to send and receive money, invest in stocks, and even buy Bitcoin. It's known for its user-friendly interface and fast transactions.
The company behind Cash App is Square, Inc., a well-established payment processing firm founded by Jack Dorsey and Jim McKelvey in 2009. Square's primary business is providing payment processing services to merchants.
In 2013, Square launched Cash, a peer-to-peer payment service that allowed users to send and receive money using their debit cards. The service was later rebranded as Cash App in 2017.
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Ownership and Structure
Cash App is owned by Block, Inc., a fintech company that was formerly known as Square.
Block, Inc. operates two payment ecosystems: the Square ecosystem helps startups grow their business, while the Cash App ecosystem provides financial products to individuals.
The company was launched in 2013 to compete with services like Zelle, Venmo, and PayPal.
Here is a list of the current members of the Cash App board of directors:
- Jack Dorsey: chairperson and director since 2009
- James McKelvey: director since 2009
- Roelof Botha: director since 2011 and lead independent director since June 2022
- Mary Meeker: director since 2011
- Paul Deighton: director since 2016 and owns 35,427 shares
- Randall Garutti: director since 2017 and owns 23,843 shares
- Amy Brooks: director since 2019 and owns 12,780 shares
- Shawn Carter: director since 2021 and owns 38,073 shares
- Sharon Rothstein: director since 2022 and owns 6,082 shares
- Neha Narula: director since 2023 and owns 297 shares
Each of these directors brings a unique perspective and set of experiences to the table, with many having a strong background in technology and finance.
Company Background
Square, Inc. was founded in 2009 by Jack Dorsey and Jim McKelvey.
The company's early days involved developing a credit card reader for mobile devices, which was a game-changer for small businesses and individuals looking to accept payments on the go.
Square's first product was the Square Reader, a small card reader that plugged into the headphone jack of a smartphone or tablet.
This innovation made it possible for anyone to accept credit card payments, regardless of their business size or location.
The company's mission was to make it easy for anyone to start, run, and grow a business, and its products were designed to be user-friendly and affordable.
Square's success was rapid, with the company raising $22 million in funding by 2010.
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Sources
- https://www.investopedia.com/companies-owned-by-square-5092655
- https://www.fool.com/investing/how-to-invest/stocks/who-owns-cash-app/
- https://www.paymentsdive.com/news/square-cash-app-pos-p2p-block-jack-dorsey-retail-point-of-sale-strategy/717753/
- https://www.the-sun.com/tech/8468485/who-owns-cash-app/
- https://www.forbes.com/sites/korihale/2020/09/22/hip-hops-role-in-squares-40-billion-cash-app-business-success/
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