Key Partners
- Card networks — Visa, Mastercard, Amex, Discover, plus local schemes abroad (FACT 10-K).
- Square Financial Services (own industrial bank) plus third-party bank partners (FACT).
- Warehouse funding facilities for loan growth (FACT Q2 letter).
- ISO partners and OpenTable for Square seller acquisition (FACT).
- Instacart and Uber for Cash App Pay; Circle’s USDC for stablecoins (FACT).
Key Activities
- Payment processing for Square ($72.8B GPV in Q2 2026) and Cash App (FACT).
- ML underwriting for Square Loans, Cash App Borrow, Afterpay (FACT).
- Hardware design — readers, Register, Handheld, Bitkey, Proto, Tags (FACT).
- Compliance and fraud operations after 2025 regulator orders (FACT).
- AI agents — goose, Builderbot, Moneybot, Managerbot (FACT, company claim).
Key Resources
- Two-sided network data — sellers plus consumers (FACT, company framing).
- Square Financial Services industrial bank charter (FACT).
- Cash App and Square brands; Afterpay bridging both (FACT).
- Hardware design and supply-chain know-how (FACT).
- Balance sheet — $8.8B total liquidity at Jun 30, 2026 (FACT).
Value Propositions
- Sellers — POS + payments + software on a $0, $49, or $149/mo plan (FACT).
- Sellers — fast access to funds and Square Loans (FACT).
- Consumers — free P2P, Cash App Card, paycheck deposit (FACT).
- Consumers — Borrow and Afterpay buy-now-pay-later (FACT).
- Extras — Cash App Mobile $40/mo, bitcoin, USDC (FACT).
Customer Relationships
- Self-serve signup with instant ML approval (FACT).
- Moneybot — 1M+ weekly engaged accounts (FACT, company claim).
- Managerbot automates seller marketing and margin checks (FACT).
- Field sales and account management for mid-market sellers (FACT).
- CFPB 2025 order — live-agent support and fraud-dispute fixes (FACT).
Channels
- Peer-to-peer network effects in Cash App (INFERENCE from model).
- Viral hardware — card reader then, Cash App Tags now (FACT).
- Self-serve web signup for Square (FACT).
- Field sales + ISO partners for bigger sellers (FACT).
- Neighborhoods — seller→consumer cross-sell (FACT).
Customer Segments
- Square — SMB to mid-market; food & beverage, retail, services (FACT).
- Square — 78% US, 22% international volume (FACT).
- Cash App — 59M monthly actives; 9.4M primary banking actives (FACT).
- Cash App target — US households up to $150K/yr (FACT 10-K).
- Smaller — Afterpay merchants, bitcoin users, TIDAL artists (FACT).
Cost Structure
- Network and processing fees — $1.52B commerce costs, Q2 2026 (FACT).
- Bitcoin purchase cost — $1.82B vs $1.89B revenue (FACT).
- Loan and receivable losses — $585M, +99% YoY (FACT).
- Sales & marketing $665M; product dev $609M (FACT).
- Restructuring + legal — $743M (Q1) and $365M (Q2) charges (FACT).
- 2025 regulator settlements — $175M CFPB + $80M states (FACT).
Revenue Streams
- Square payments — 2.4–2.6% + 15¢ in person; 2.9–3.3% + 30¢ online (FACT).
- Square software — $0 / $49 / $149 per month per location (FACT).
- Afterpay merchant fee — 6% + 30¢ (FACT).
- Cash App instant transfer 0.5–2.5%; Card interchange; Borrow fees (FACT).
- Q2 2026 gross profit — Commerce $1.81B · Financial $1.29B · Bitcoin $72M (FACT).
- 2026 guidance — $12.51B gross profit, +21% (FACT).