Block (NYSE: XYZ), the fintech company led by Jack Dorsey, is accelerating efforts to reposition its Cash App from a popular peer-to-peer payments tool into users’ main financial hub.
The strategy centers on attracting “modern earners”—including gig-economy workers, cryptocurrency enthusiasts, and individuals historically underserved by conventional banks—while aiming to rebuild confidence after years of rapid growth that invited regulatory scrutiny.
Cash App expanded dramatically during the pandemic through aggressive social media promotions and incentives, roughly quadrupling its monthly active transacting accounts between 2018 and 2024.
That surge, however, coincided with allegations from state and federal authorities that the platform was exploited for scams, drug-related transactions, money laundering, and other illicit activity.
In August, Block raised its legal reserve for a possible settlement with the U.S. Department of Justice to $526 million, with talks still ongoing. The company has also drawn criticism over customer-support quality and its processes for addressing suspected fraud.
Executives say they have removed as many high-risk accounts as possible and are overhauling operations accordingly.
Amrita Ahuja, Block’s finance and operating chief, has linked platform trust directly to growth, noting that users will treat Cash App as their primary financial relationship only if they feel confident in it.
To drive deeper engagement, Block is broadening Cash App’s product suite beyond basic transfers and the Cash App Card.
Offerings now include personal loans, buy-now-pay-later options through Afterpay, trading in stocks and Bitcoin, savings features, merchant rewards programs, ETF trading, and customizable debit cards.
The company is also rolling out additional tools such as benefits tied to spending levels and support for stablecoin transfers.
These additions are intended to increase the amount of money flowing through the app and encourage more users to route paychecks into it.
As of the second quarter of 2026, Cash App counted approximately 9.4 million primary banking actives—up 17 percent year over year—while overall monthly transacting actives stood near 59 million with slower headline growth.
Primary banking actives are defined by criteria such as receiving wage-related ACH inflows or spending at least $500 monthly across Cash App products.
The company has reported stronger inflows per user and solid growth in lending originations.
In a separate regulatory move, Block filed an application in September with the Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, N.A.
If approved, the entity would operate as an uninsured national trust bank offering custody and related fiduciary services for digital assets, including Bitcoin and stablecoins.
It would not accept deposits or make loans, focusing instead on placing certain existing custody activities under a consistent federal framework as the business scales.
Proposed leadership includes Lee Woolley, currently Block’s digital-asset strategy lead.
By combining expanded everyday banking features with digital asset custody infrastructure, Block seeks to convert occasional users into long-term primary customers, diversify revenue beyond payments, and strengthen its competitive position against both traditional banks and other neobanks.
Success will depend on sustaining user trust amid ongoing regulatory discussions and delivering reliable service as more of customers’ financial lives move onto the platform.
