Block

Block, Inc., formerly known as Square, Inc., is a pioneering American financial technology company that has fundamentally transformed how businesses accept payments and how consumers manage money. Founded in 2009 by Jack Dorsey and Jim McKelvey, Block has evolved from its origins as a simple mobile payment solution into a comprehensive financial ecosystem serving 57 million users and 4 million sellers, processing an impressive $241 billion in payments annually as of 2024. The company's dual-platform strategy—Square for business commerce and Cash App for consumer payments—positions it as a unique player in the fintech landscape.

The company's journey began with a simple yet revolutionary idea: enabling small businesses to accept credit card payments through a square-shaped card reader that plugged into smartphones. This innovation democratized payment acceptance for millions of merchants who previously couldn't afford traditional point-of-sale systems. Under the leadership of Jack Dorsey, who serves as Head of Block and Chairman, and CEO Mike Brock, the company has expanded far beyond its original hardware product to encompass e-commerce, inventory management, payroll, banking services, business loans, and even cryptocurrency investments.

Block's financial performance demonstrates its market strength and growth trajectory. In 2024, the company generated $24.12 billion in total revenue (up from $21.91 billion in 2023) and achieved gross profit of $8.89 billion, marking an 18% increase. The Cash App segment has been particularly successful, with gross profit growing 21% year-over-year to reach over $1.31 billion in Q3 2024 alone. With more than 24 million monthly active Cash App Card users and continuous innovation in financial services, Block has established itself as a formidable competitor to traditional financial institutions and fellow fintech companies like PayPal and Stripe.

In December 2021, the company underwent a significant rebranding from Square, Inc. to Block, Inc., reflecting its broader vision beyond its original Square product. This transformation was accompanied by a stock ticker change from SQ to XYZ in January 2025. Block's strategic focus increasingly centers on Bitcoin and blockchain technology, with initiatives including Bitkey (a self-custody Bitcoin wallet), Proto (a modular Bitcoin mining system), and Spiral (funding for open-source Bitcoin projects). The company's July 2025 addition to the S&P 500 index marked a major milestone, signaling its arrival as a major player in the financial services sector despite recent organizational challenges including significant workforce reductions and strategic restructuring.