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Mobile banking app Dave scores $100M investment from FTX US

March 22, 2022 Coin Telegraph

Mobile banking app Dave scores 0M investment from FTX US

Cash App

Dave is the latest in a series of fintech payments apps to offer crypto services, following PayPal, Venmo, and Cash App.

On March 21, mobile banking application Dave announced a partnership with FTX US to provide cryptocurrency payments on the platform. It also announced a $100 million investment from FTX Ventures.

In the statement, Dave said the investment would aid its strategy for future crypto-related initiatives, with FTX US serving as its partner for cryptocurrencies. Both companies said they’re currently exploring ways to introduce crypto payments into Dave’s platform.

FTX US President Brett Harrison commented that it looks to align with companies that can help drive widespread adoption of digital assets, believing Dave was a fit in that regard. Jason Wilk, Chief Executive Officer of Dave, expressed his views on the technology.

“We believe blockchain technology has the potential to level the financial playing field across the globe. By aligning with a world-class leader such as FTX US, we are in position to enter the digital asset arena, explore new growth opportunities, and improve the member experience.”

Launched in January, FTX Ventures is the investment arm of FTX. It has a $2 billion fund to provide funding and support to companies in or interested in the crypto space, and states its mission is to “advance global blockchain and web3 adoption”.

Dave is a fintech app based in the U.S. with over 6 million members, it provides users with a budgeting and credit building product, and a cash advance service.

Dave is the latest in a series of payments apps looking to move into offering crypto services. Last March, PayPal rolled out support for crypto, and as recently as January, it intended to launch its own stablecoin. Venmo, owned by PayPal, also expanded support for crypto last August, allowing its credit cardholders to receive “cash back” rewards in cryptocurrencies.

Recently, PayPal changed its fee structure for crypto transactions across Venmo, and its own app, moving away from percentage based fees, and introducing a flat-fee structure for crypto transactions under $200.

In February, Cash App, a mobile payment service founded by Bitcoin maxi and Twitter Co-founder, Jack Dorsey, revealed that the Lightning Network could be used to transfer Bitcoin through its app to anyone with a BTC address.

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Cash App’s Bitcoin Revenue Grew 119% in 2021, Gross Profit From BTC Rose 124%

February 25, 2022 Bitcoin.com

Block nets $1.18B Q4 gross profit marking a 47% YoY increase

February 25, 2022 Coin Telegraph

Block nets .18B Q4 gross profit marking a 47% YoY increase

Afterpay

In total, Block generated $4.42 billion worth of gross profit in 2021 marking a total YoY growth of 62%, however, net profit totaled just $77 million.

Crypto-friendly digital payments tech firm Block, Inc. (formerly known as Square) posted $1.18 billion worth of gross profit in Q4, representing a growth of 47% over the same period in 2020.

The firm led by Bitcoin maxi Jack Dorsey has multiple business arms including Cash App, Square, and the freshly acquired buy now pay later (BNPL) firm Afterpay after the $29 billion deal officially closed at the end of last month.

Block’s 2021 Q4 report was posted on Feb. 24, and the firm revealed significant gross profit increases across Cash App and Square, with each firm generating $518 million and $657 million apiece to mark YoY gains of 37% and 54% respectively.

In total, the company generated $4.42 billion worth of gross profit for the entirety of 2021, marking a YoY growth of 62% compared to 2020. The impressive figures do require a pinch of salt, however, as Block’s net profit after expenses for Q4 tallied just $77 million ($166 million for all of 2021) suggesting hefty operating costs for the firm.

The company pointed to Cash App’s Cash Card and Square’s seller ecosystem as key metrics behind the Q4 growth, noting that the Cash Card saw more than 13 million active users in December with 38% of sellers using four or more Square business products.

Moving forward in 2022, Block also highlighted the significance of the Afterpay deal as it will enable the firm to significantly scale up its offerings and products this year. The firm stated:

“On January 31, we completed our acquisition of Afterpay, a global “buy now, pay later” (BNPL) platform. We believe this acquisition will further Block’s strategic priorities for Square and Cash App by strengthening the connections between our ecosystems as we deliver compelling financial products and services for consumers and merchants.”

Block has been ramping up its presence in the crypto space of late, with Cointelegraph reporting in mid-January that Cash App had integrated the Lightning Network to speed up BTC transfers, while Dorsey confirmed that Block was rolling out open-source Bitcoin mining systems.

After stepping down from Twitter in November, Dorsey is reportedly said to be mainly focused on scaling the Block’s crypto initiatives.

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