Cash App primarily generates revenue from exchange fees and minute withdrawals. The app charges a 1.5% fee for moment transfers to a participating bank account, although standard trades are free within 5 trading days. As of November 2021, Square (Cash App’s parent company) had a market capitalization of $117.4 billion, with PayPal considered its largest competitor.
User base and growth
Since its launch in 2013, Cash App has seen significant growth in its client base. As of 2023, the app had 57 million active monthly customers and generated $14.7 billion in annual revenue. Cash App’s success can be attributed to its user-friendly interface, extensive features, and ability to meet the money-related needs of both individuals and businesses.