Cash App Users & Financial Statistics (2025)

Published On: Sep 13, 2024
Edited On: Jan 29, 2025

Cash App, a mobile payment service developed by Block Inc. (formerly Square Inc.), has revolutionized how people handle financial transactions. Since its launch in 2013, Cash App has become a versatile platform for peer-to-peer payments, Bitcoin trading, and stock investments.

As we move into 2025, Cash App continues to attract a diverse user base, with over 57 million active users. Cash App aims to target 300 million potential customers by 2025 end.

We have compiled crucial statistics on the usage and financials of this versatile payment app in this post.

Company Overview

Name Cash App
Type Financial services platform
Owner Block Inc.
Launched October 15, 2013 (as Square Cash)
Services Offered
  • P2P transactions
  • Direct deposit
  • Cash account
  • Cash App debit card
  • Stock and Bitcoin investing
  • Tax filing service
  • Personal loans

Cash App Statistics 2025 – Editor’s Picks

  • Over 57 million people use Cash App every month.
  • Cash App generated $14.7 billion in annual revenue in 2024.
  • There are over 24 million Cash App card users.
  • Cash App has crossed 150 million downloads in 2024.
  • Square and Cash app's addressable market is $220 billion.

How Many People Use Cash App

Cash App has registered 57 million active users as of Q1 2024, marking a 3.64% increase from 2023.

The app’s user base has seen massive growth over the years, starting from 3 million in 2016 and reaching 55 million in 2023. This year-over-year growth can be attributed to advanced in-app features, a user-friendly interface, and strategic marketing efforts.

Cash App Annual Users (2016 – 2024)

Year Users
2016 3 million
2017 7 million
2018 15 million
2019 24 million
2020 36 million
2021 44 million
2022 51 million
2023 55 million
2024 (Q1) 57 million
  • In the USA, at least 58% of online payments to stores and restaurants in the USA were done via Cashapp, marking a 24% increase from 2021

Online payments via cash app(Source: Block Inc., Statista)

How Many People Own Cash App Card

As of the first quarter of 2024, 24 million people own a Cash App Card. This card functions similarly to a traditional debit card, allowing users to make quick and convenient payments directly from their Cash App balance.

Cash App Card Owners (2019 – 2024)

Year Cash App Card Owners
2019 3.5 million
2020 7 million
2021 13 million
2022 18 million
2023 22 million
2024 (Q1) 24 million

Cash App Card Owners (2019 - 2024)(Source: Block Inc.)

Cash App Users' Demographics

Cash App continues to lead in the digital payments space, with over 57 million active users as of 2024. The platform is popular among young adults, with 30% of users aged 18-29 and over a third aged 30-49. Most of Cash App’s user base is located in the United States, reflecting its strong market presence there.

Cash App Users By Race in the USA

59% of Black Americans use Cash App, compared with 37% of Hispanic Americans and even smaller shares of White (17%) or Asian Americans (16%).

The black American users' count for Cash App is also significantly higher than other platforms. Specifically, only 51% of Black Americans report using PayPal, 21% use Venmo, and 45% use Zelle.

Cash App Demographics (Race and Income)

Cash App Users by Income Level

  • Low Income (under $30,000/year): Approximately 36% of users fall into this category.
  • Middle Income ($30,000 – $75,000/year): The middle income group makes up about 24% of the Cash App user base.
  • High Income (over $75,000/year): Around 36% of Cash App users belong to the higher income bracket.

Cash App Active Users by Age in the USA

  • As of 2024 Q1, Gen Z has the highest share of Cash App users in the USA with 34% of the user base, followed by millennials at 25%.

In contrast, Generation X (15%) and Baby Boomers (6%) have lower adoption rates due to their tendency to rely on traditional banking methods, concerns about security, and less frequent need for online payment solutions.

Cash App Users by Age

Generation Age Monthly Active Users
Generation Z 13-25 34%
Millennials 26-41 24%
Generation X 42-57 15%
Baby Boomers 58-76 6%

Cash App Users by Generation (2024 Q1)

Cash App Users by Gender

  • 51.32% of Cash App users are male while 48.68 are female, reflecting a balanced gender distribution.

Cash App Users Gender Split(Source: Similarweb, Block Inc., Pew Research)

Cash App Users by Country

  • Cash App is extremely popular in the U.S., with nearly 56 million users. This represents a massive portion of the U.S. population, making it one of the country’s most widely used mobile payment apps.
  • In the U.K., Cash App has also gained popularity, with approximately 1.41 million users. While this is smaller than the U.S., it still indicates a growing presence in the market.

(Source: SignHouse)

Cash App Revenue

Cash App has reported 57 million users and $14.7 billion in annual revenue in 2024

In the second quarter of 2024, Cash App achieved $4.13 billion in revenue, marking a 12% increase year over year.

The company’s gross profit for the quarter rose by 23%, reaching $1.30 billion. Excluding bitcoin-related transactions, Cash App’s revenue was $1.52 billion, reflecting an 18% annual growth. Additionally, subscription and services-based revenue surged by 23% year over year, totaling $1.42 billion.

Cash App's 2024 revenue follows a year of significant recovery and growth in 2023, where the company generated $14.3 billion in revenue, a 34.9% increase from the previous year. This growth came after a dip in 2022 when Cash App's revenue declined to $10.6 billion from $12.3 billion in 2021.

Cash App Annual Revenue (2018 – 2024)

Year Revenue (in dollars)
2018 0.4 billion
2019 1.3 billion
2020 5.9 billion
2021 12.3 billion
2022 10.6 billion
2023 14.3 billion
2024 14.7 billion

Cash App Annual Revenue (2018 - 2024)(Source: Block Shareholder Letter)

Cash App Bitcoin Revenue

In 2024 Q2, Cash App reported a bitcoin gross profit of $67 million, reflecting a 52% increase year over year. The total bitcoin revenue, amounted to $2.61 billion, up 9% from the previous year.

For the first quarter of 2024, Cash App generated approximately $2.72 billion in Bitcoin revenue. Cash App’s Bitcoin revenue grew from $0.51 billion in 2019 to $9.5 billion in 2023. This represents an approximate 1762.75% increase over the four years.

Cash App Bitcoin Revenue (2019 – 2024)

Year Cash App Bitcoin Revenue
2019 0.51 billion
2020 4.57 billion
2021 10.02 billion
2022 7.11 billion
2023 9.5 billion
2024 (Q1) 2.72 billion

(Source: Block Shareholder Letter)

Cash App Offline Purchase Statistics

58% of Cash App users from the United States mentioned that they had used Cash App in an offline store between July 2023 and June 2024.

Cash App adoption for POS payments in the United States was higher in 2023 and 2024 than in early 2020. This upward trend highlights the increase in usage of Cash App for POS payments in the United States, suggesting an increasing comfort level among consumers for using digital payment platforms in physical retail environments.

(Source: Statista)

Cash App Employee Statistics

Cash App has approximately 3,900 employees as of June 2024. These team members are located across 6 continents, including North America, Oceania, and Europe.

Cash App Employees Worldwide

Location Number of Cash App Employees
North America 2,900
Oceania 172
Europe 74
Asia 61
Africa 24
South America 22

(Source: leadiq)

Cash App Investor Statistics

Cash App Investor Statistics provide a comprehensive overview of the financial performance, user engagement, and growth metrics crucial for stakeholders and potential investors. Let's take a look at some of the top Cash App and Block Inc. investors.

Institutional Investors

Vanguard Group holds approximately 6.56% of Block Inc.’s shares.

A significant portion of Cash App’s investment comes from institutional investors. Major firms such as Vanguard Group, BlackRock, and Fidelity Investments hold substantial shares in Cash App’s parent company, Block Inc.

Venture Capital

Khosla Ventures invested $10 million in the early stages of Cash App.

Early-stage venture capital firms played a crucial role in Cash App’s initial growth. Firms like Khosla Ventures and Sequoia Capital were among the early backers, providing the necessary capital to scale the platform.

Public Market Investors

As of July 2024, Block Inc.’s market capitalization is approximately $41.20 billion. This makes Block the world’s 481st most valuable company by market cap.

Since Block Inc. is a publicly traded company, Cash App benefits from a broad base of public market investors. The company’s stock performance has been positively influenced by Cash App’s revenue growth and expanding user base.

Year Market Cap Change
2024 $41.02 billion -13.63%
2023 $47.50 billion 26.39%
2022 $37.58 billion -49.55%
2021 $74.50 billion -24.09%
2020 $98.14 billion 262.47%
2019 $27.07 billion 15.75%
2018 $23.39 billion 73.64%
2017 $13.47 billion 180.58%
2016 $4.79 billion 9.47%
2015 $4.36 billion

(Source: Crunchbase, Companies Market Cap, Yahoo Finance)

Cash App Application Statistics

As of 2024, the Cash App has been downloaded over 100 million times on the Google Play Store and has a 4.3 rating.

Cash App has been downloaded over 50 million times on iOS devices and is ranked 1st in the Finance category on the Apple Store.

Cash App Vs. Venmo

Both Cash App and Venmo are popular peer-to-peer payment platforms, but they have some key differences in terms of user base, revenue, and features.

User Base

  • As of 2024, Cash App has around 57 million monthly active users.
  • Venmo boasts a larger user base with approximately 78 million monthly active users.

Revenue

  • Cash App generated $14.3 billion in annual revenue in 2023.
  • Venmo generated $2.4 billion in annual revenue in 2023.

Market Share

  • Cash App holds a 26% market share in the peer-to-peer payment space.
  • Venmo leads with a 38% market share in the P2P category, falling behind Cash App.

Key Features

  • Cash App is known for its Bitcoin trading feature, which accounts for 81% of its total revenue. It also offers stock trading, a Cash Card for spending, and direct deposits.
  • Venmo offers similar features like a Venmo card, instant transfers, and the ability to split payments. However, only 18% of its revenue comes from cryptocurrency transactions.

(Source: Business Edit)

More About Cash App

Cash App has become a popular financial tool for millions, offering a convenient way to manage your money on the go. But you might have some questions about all it can do. This section dives into some Cash App FAQs to help you clear any doubts about Cash App.

  • Is Cash App Still Safe to Use?

Yes, Cash App is generally safe to use. It employs data encryption and in-app security features to protect user information. However, users should remain vigilant against scams and phishing attempts, as these are common risks associated with any online financial platform. Always verify transactions and avoid sharing personal information with unverified sources.

  • Is Cash App Legal?

Yes, Cash App is legal. It operates under the regulations and guidelines set by financial authorities. However, like any financial service, it must comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.

  • Who Owns Cash App?

Cash App is owned by Block, Inc. (formerly known as Square, Inc.), a financial technology company founded by Jack Dorsey and Jim McKelvey.

  • Do I Need a Bank Account for a Cash App?

No, you don’t need a bank account to use Cash App. You can create an account and add money to your Cash App balance through various methods, such as receiving funds from other users or depositing cash at participating retailers. However, linking a bank account can provide additional benefits, like easier fund transfers and direct deposits. Without a bank account, you can still access your funds using the Cash Card, a Visa debit card linked to your Cash App balance.

  • What is the Cash App fee for $100?

If you send $100 using a credit card linked to your Cash App, a 3% fee will be applied, making the total cost $103. For instant transfers to your bank account, Cash App charges a fee of up to 1.75%, which would be $1.75 for a $100 transfer. Standard transfers to your bank account are free but take 1-3 business days.

  • Do I have to pay a fee to receive $3000 on Cash App?

No, you do not have to pay a fee to receive $3,000 on Cash App. The platform allows users to send and receive money without any charges. When someone sends you $3,000, the entire amount will be deposited directly into your Cash App account without any deductions.

  • Is Cash App safe to link bank accounts?

Yes, linking your bank account to Cash App is safe. Cash App uses Plaid, a secure service that uses advanced encryption protocols to protect your data. Additionally, Cash App uses encryption and fraud detection technology to secure user data and transactions. Users can also enable optional security features like PIN entry and two-factor authentication for added protection.

<div class='toc'><ul><li><a href=#Company-Overview><b>Company Overview</b></li><li><a href=#Cash-App-Statistics-2025-–-Editor’s-Picks><b>Cash App Statistics 2025 – Editor’s Picks</b></li><li><a href=#How-Many-People-Use-Cash-App><b>How Many People Use Cash App</b></li><li><a href=#How-Many-People-Own-Cash-App-Card><b>How Many People Own Cash App Card</b></li><li><a href=#Cash-App-Users'-Demographics><b>Cash App Users' Demographics</b></li><p>  <a href=#Cash-App-Users-By-Race-in-the-USA>Cash App Users By Race in the USA</p><p>  <a href=#Cash-App-Users-by-Income-Level>Cash App Users by Income Level</p><p>  <a href=#Cash-App-Active-Users-by-Age-in-the-USA>Cash App Active Users by Age in the USA</p><p>  <a href=#Cash-App-Users-by-Gender>Cash App Users by Gender</p><li><a href=#Cash-App-Users-by-Country><b>Cash App Users by Country</b></li><li><a href=#Cash-App-Revenue><b>Cash App Revenue</b></li><p>  <a href=#Cash-App-Bitcoin-Revenue>Cash App Bitcoin Revenue</p><li><a href=#Cash-App-Offline-Purchase-Statistics><b>Cash App Offline Purchase Statistics</b></li><li><a href=#Cash-App-Employee-Statistics><b>Cash App Employee Statistics</b></li><li><a href=#Cash-App-Investor-Statistics><b>Cash App Investor Statistics</b></li><p>  <a href=#Institutional-Investors>Institutional Investors</p><p>  <a href=#Venture-Capital>Venture Capital</p><p>  <a href=#Public-Market-Investors>Public Market Investors</p><li><a href=#Cash-App-Application-Statistics><b>Cash App Application Statistics</b></li><li><a href=#Cash-App-Vs.-Venmo><b>Cash App Vs. Venmo</b></li><p>  <a href=#User-Base>User Base</p><p>  <a href=#Revenue>Revenue</p><p>  <a href=#Market-Share>Market Share</p><p>  <a href=#Key-Features>Key Features</p><li><a href=#More-About-Cash-App><b>More About Cash App</b></li></ul></div>

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