CHAPTER 01
Supporting Our Customers and Their Communities
People are the core of Block. Our customers and their communities are the reason we build. By increasing access to financial tools, investing in entrepreneurship and inclusive systems, and innovating the global payments system, we support people as they empower themselves in the economy.
CHAPTER 01
Supporting Our Customers and Their Communities
People are the core of Block. Our customers and their communities are the reason we build. By increasing access to financial tools, investing in entrepreneurship and inclusive systems, and innovating the global payments system, we support people as they empower themselves in the economy.
Table of Contents
01.1
Opening Access with Financial Tools
01.2
Powering Entrepreneurship
01.3
Innovating the Global Payments System
Table of Contents
01.1
Opening Access with Financial Tools
01.2
Powering Entrepreneurship
01.3
Innovating the Global Payments System
01.1
Opening Access with Financial Tools
Our customers drive their own success. Too often they encounter obstacles that could be easily overcome if they had the right tool. When it comes to financial services, some groups, particularly those who have been historically under-resourced, face even more obstacles. We believe equitable financial tools should be accessible to all. Block builds simple tools — for sellers, individuals, artists, developers, and everyone in between — to help people clear the barriers in their way.
01.1
Opening Access with Financial Tools
Our customers drive their own success. Too often they encounter obstacles that could be easily overcome if they had the right tool. When it comes to financial services, some groups, particularly those who have been historically under-resourced, face even more obstacles. We believe equitable financial tools should be accessible to all. Block builds simple tools — for sellers, individuals, artists, developers, and everyone in between — to help people clear the barriers in their way.
For individuals
Savings
In 2023, Cash App introduced more ways to help customers gain access to personal finance tools, starting with the launch of Cash App Savings in January 2023. The new feature gives US customers a way to store a savings balance, set savings goals, and round up purchases into their balance. From its launch in January through March 2023, Savings was Cash App’s fastest-growing feature, with 3 million Savings actives adding to their savings balance within the three-month period.
Overdraft protection
In September, Cash App rolled out free overdraft coverage for paycheck deposit actives in the US. The new protection offers eligible customers up to $50 in free overdraft charges, protecting more people from undue fees. Within the first month of its launch, the coverage saved these customers over $2 million in overdraft fees.
Taxes
Almost everyone has to deal with taxes. But filing them correctly is often complicated and expensive. As a way to help more people navigate the economy, Cash App Taxes offers free (plus fast, plus easy) US federal and state tax filing services.
For individuals
Savings
In 2023, Cash App introduced more ways to help customers gain access to personal finance tools, starting with the launch of Cash App Savings in January 2023. The new feature gives US customers a way to store a savings balance, set savings goals, and round up purchases into their balance. From its launch in January through March 2023, Savings was Cash App’s fastest-growing feature, with 3 million Savings actives adding to their savings balance within the three-month period.
Overdraft protection
In September, Cash App rolled out free overdraft coverage for paycheck deposit actives in the US. The new protection offers eligible customers up to $50 in free overdraft charges, protecting more people from undue fees. Within the first month of its launch, the coverage saved these customers over $2 million in overdraft fees.
Taxes
Almost everyone has to deal with taxes. But filing them correctly is often complicated and expensive. As a way to help more people navigate the economy, Cash App Taxes offers free (plus fast, plus easy) US federal and state tax filing services.
For businesses
Managing cash flow can be one of the most challenging parts of running a business. Square Banking’s suite of cash-flow tools, including Checking, Savings, and Loans, gives sellers instant access to their sales, enabling them to track, spend, and plan for the future. Automated loan offers, budgeting, and bank transfers mean sellers can spend less time worrying about finances and more time growing their businesses.
For businesses
Managing cash flow can be one of the most challenging parts of running a business. Square Banking’s suite of cash-flow tools, including Checking, Savings, and Loans, gives sellers instant access to their sales, enabling them to track, spend, and plan for the future. Automated loan offers, budgeting, and bank transfers mean sellers can spend less time worrying about finances and more time growing their businesses.
Square Savings makes business savings accounts available to sellers, helping them put savings on autopilot and set aside funds for specific needs such as taxes or payroll.
Internal Square data as of 12/31/23.
Square Savings makes business savings accounts available to sellers, helping them put savings on autopilot and set aside funds for specific needs such as taxes or payroll.
Internal Square data as of 12/31/23.
Square Loans makes capital available to sellers who may not qualify for traditional business loans. In 2022, Square fully translated the Square product suite into Spanish, which sparked growth in loans to Spanish-speaking sellers in the US. Another milestone in the first year of Square en Español: the Customer Success team supported 100,000 unique sellers in Spanish, highlighting the demand for in-language products and support.
Internal Square data as of 12/31/23.
Square Loans makes capital available to sellers who may not qualify for traditional business loans. In 2022, Square fully translated the Square product suite into Spanish, which sparked growth in loans to Spanish-speaking sellers in the US. Another milestone in the first year of Square en Español: the Customer Success team supported 100,000 unique sellers in Spanish, highlighting the demand for in-language products and support.
Internal Square data as of 12/31/23.
Square Checking gives sellers faster access to funds
Square Checking, available in the US, not only allows sellers to instantly access their revenue from Square sales but also gives them faster access to funds deposited from other sources. In 2023, Square introduced mobile check deposit automation, further cutting wait time and smoothing the flow of money for sellers.
Internal Square data as of 12/31/23.
~11 hours
faster on average
with customers not needing to wait for settlement
Square Checking gives sellers faster access to funds
~11 hours
faster on average
with customers not needing to wait for settlement
Square Checking, available in the US, not only allows sellers to instantly access their revenue from Square sales but also gives them faster access to funds deposited from other sources. In 2023, Square introduced mobile check deposit automation, further cutting wait time and smoothing the flow of money for sellers.
Internal Square data as of 12/31/23.
TIDAL Artist Home
TIDAL is a global music platform that empowers artists to thrive as entrepreneurs while connecting them more deeply with fans.
The music industry is often exclusionary and can be difficult and confusing to navigate. Artists, especially new and rising artists, need tools for managing their careers like a business. To answer this need, TIDAL launched TIDAL Artist Home in May 2023. The hub gives artists direct control over how their content appears on TIDAL, makes it easy to request edits and update existing content, and lets them leverage links to turn more of their listeners into followers. Through TIDAL Artist Home, artists can access Collabs — a first-of-its-kind product designed to help artists discover and connect with high-potential collaborators — and apply to TIDAL RISING.
TIDAL Artist Home
TIDAL is a global music platform that empowers artists to thrive as entrepreneurs while connecting them more deeply with fans.
The music industry is often exclusionary and can be difficult and confusing to navigate. Artists, especially new and rising artists, need tools for managing their careers like a business. To answer this need, TIDAL launched TIDAL Artist Home in May 2023. The hub gives artists direct control over how their content appears on TIDAL, makes it easy to request edits and update existing content, and lets them leverage links to turn more of their listeners into followers. Through TIDAL Artist Home, artists can access Collabs — a first-of-its-kind product designed to help artists discover and connect with high-potential collaborators — and apply to TIDAL RISING.
01.2
Powering Entrepreneurship
Successful entrepreneurship calls for equal parts heart and hustle, but you also need opportunity and resources. Block supports programs that connect more sellers, individuals, artists, developers, and other entrepreneurs with valuable tools and mentorship, helping them build thriving businesses and careers.
01.2
Powering Entrepreneurship
Successful entrepreneurship calls for equal parts heart and hustle, but you also need opportunity and resources. Block supports programs that connect more sellers, individuals, artists, developers, and other entrepreneurs with valuable tools and mentorship, helping them build thriving businesses and careers.
TIDAL RISING
Making music is an artistic expression. Making a career out of your music is an entrepreneurial endeavor. Artists, like any other entrepreneurs, need support and resources to be successful.
In 2023, TIDAL relaunched its TIDAL RISING program to provide emerging artists with the direct funding, educational resources, industry connections, and marketing amplification they need to grow and thrive in their careers.
Often, funding for artists comes with parameters on how and where it can be spent. TIDAL RISING gives artists a set amount of money to invest in their music careers as they see fit, putting creative control in their hands. Since the program’s relaunch, TIDAL has distributed $600,000 in direct-to-artist funding. The first wave of RISING artists — spanning a range of genres, from pop-rap to country-rock to post-punk — has used the money for touring, studio sessions and production, music video production, and day-to-day expenses to help them advance their careers and make a sustainable living from their craft. TIDAL got its start as an artist-first platform and remains committed to artist empowerment. The RISING program will continue in 2024, helping more artists dedicate their time and energy toward what matters most — their music.
TIDAL RISING
Making music is an artistic expression. Making a career out of your music is an entrepreneurial endeavor. Artists, like any other entrepreneurs, need support and resources to be successful.
In 2023, TIDAL relaunched its TIDAL RISING program to provide emerging artists with the direct funding, educational resources, industry connections, and marketing amplification they need to grow and thrive in their careers.
Often, funding for artists comes with parameters on how and where it can be spent. TIDAL RISING gives artists a set amount of money to invest in their music careers as they see fit, putting creative control in their hands. Since the program’s relaunch, TIDAL has distributed $600,000 in direct-to-artist funding. The first wave of RISING artists — spanning a range of genres, from pop-rap to country-rock to post-punk — has used the money for touring, studio sessions and production, music video production, and day-to-day expenses to help them advance their careers and make a sustainable living from their craft. TIDAL got its start as an artist-first platform and remains committed to artist empowerment. The RISING program will continue in 2024, helping more artists dedicate their time and energy toward what matters most — their music.
Together we go FORWARD
To help address systemic barriers facing Black and Latinx entrepreneurs, Square created FORWARD, a retail business accelerator, in collaboration with Social Change Fund United, 1863 Ventures, American Express, and visionary celebrity entrepreneurs. The program aims to equip early-stage Black and Latinx businesses with the necessary resources to thrive in a competitive business landscape.
Together we go FORWARD
To help address systemic barriers facing Black and Latinx entrepreneurs, Square created FORWARD, a retail business accelerator, in collaboration with Social Change Fund United, 1863 Ventures, American Express, and visionary celebrity entrepreneurs. The program aims to equip early-stage Black and Latinx businesses with the necessary resources to thrive in a competitive business landscape.
The businesses chosen to participate represent a wide range of retail sectors:
a skate shop, a craft coffee roaster, inclusive outdoor apparel, sustainable footwear, bespoke home goods, a card game, halal skincare products, an outdoor entertainment venue, and more.
Each business received $20,000 in direct funding, 1:1 coaching, and business training tailored to the program. Square provided critical financial tools like Square Banking accounts and payments hardware. Celebrity mentors, including NBA Champion and Social Change Fund United cofounder Dwyane Wade, actress and businesswoman Rosario Dawson, bestselling author Ayesha Curry, and financial advisors Rashad Bilal and Troy Millings of Earn Your Leisure, delivered learning sessions and answered questions from the cohort.
The businesses chosen to participate represent a wide range of retail sectors:
a skate shop, a craft coffee roaster, inclusive outdoor apparel, sustainable footwear, bespoke home goods, a card game, halal skincare products, an outdoor entertainment venue, and more.
Each business received $20,000 in direct funding, 1:1 coaching, and business training tailored to the program. Square provided critical financial tools like Square Banking accounts and payments hardware. Celebrity mentors, including NBA Champion and Social Change Fund United cofounder Dwyane Wade, actress and businesswoman Rosario Dawson, bestselling author Ayesha Curry, and financial advisors Rashad Bilal and Troy Millings of Earn Your Leisure, delivered learning sessions and answered questions from the cohort.
“I feel like coming through this program, I have a very different perspective. I can go from being a solo entrepreneur to actually being a strategic CEO who’s running my company to scale.”
“I feel like coming through this program, I have a very different perspective. I can go from being a solo entrepreneur to actually being a strategic CEO who’s running my company to scale.”
Investing in under-resourced communities
In 2020, Block (then Square) committed to investing $100 million in minority and under-resourced communities to help develop infrastructure for economic empowerment and further racial equity.
Investing in under-resourced communities
In 2020, Block (then Square) committed to investing $100 million in minority and under-resourced communities to help develop infrastructure for economic empowerment and further racial equity.
We allocated $10 million to international projects, and in 2022, Block invested CAD$3 million in Canada’s Indigenous Growth Fund (IGF), an Indigenous investment fund under the management of National Aboriginal Capital Corporations Association (NACCA). We continued our international progress in 2023 with investments in the United Kingdom and Australia.
We allocated $10 million to international projects, and in 2022, Block invested CAD$3 million in Canada’s Indigenous Growth Fund (IGF), an Indigenous investment fund under the management of National Aboriginal Capital Corporations Association (NACCA). We continued our international progress in 2023 with investments in the United Kingdom and Australia.
From left: Benson Saulo, Managing Partner at FAC; Jane Pound, cofounder & Executive Director at FAC; Leah Armstrong, cofounder & Chairperson at FAC; Jack Dorsey, Block Head; Brian Wyborn, Managing Partner at FAC.
From left: Benson Saulo, Managing Partner at FAC; Jane Pound, cofounder & Executive Director at FAC; Leah Armstrong, cofounder & Chairperson at FAC; Jack Dorsey, Block Head; Brian Wyborn, Managing Partner at FAC.
ART Business Loans
In March, we announced a £2 million GBP investment in ART Business Loans (ART). ART is a Community Development Finance Institution (CDFI) based in Birmingham, UK. The investment will enable ART’s business lending team to make more loans available to small businesses and social enterprises throughout the West Midlands region of the UK. From florists and veterinary practices to car detailers and cafes, ART offers loans between £10,000 and £150,000 to disadvantaged and minority-owned businesses that are unable to meet their full financial credit needs from traditional banks.
First Australians Capital
Later in the year, we invested AUD$3 million in First Australians Capital (FAC). The national Indigenous-led fund manager helps Indigenous entrepreneurs access capital with loans ranging from AUD$100,000 to AUD$2 million. FAC has helped businesses such as Ngali, a fashion house founded by Wiradjuri designer Denni Francisco, and Sobah, an Aboriginal-founded and -led nonalcoholic beverage brand, grow and scale their operations in keeping with their culture and values.
ART Business Loans
In March, we announced a £2 million GBP investment in ART Business Loans (ART). ART is a Community Development Finance Institution (CDFI) based in Birmingham, UK. The investment will enable ART’s business lending team to make more loans available to small businesses and social enterprises throughout the West Midlands region of the UK. From florists and veterinary practices to car detailers and cafes, ART offers loans between £10,000 and £150,000 to disadvantaged and minority-owned businesses that are unable to meet their full financial credit needs from traditional banks.
First Australians Capital
Later in the year, we invested AUD$3 million in First Australians Capital (FAC). The national Indigenous-led fund manager helps Indigenous entrepreneurs access capital with loans ranging from AUD$100,000 to AUD$2 million. FAC has helped businesses such as Ngali, a fashion house founded by Wiradjuri designer Denni Francisco, and Sobah, an Aboriginal-founded and -led nonalcoholic beverage brand, grow and scale their operations in keeping with their culture and values.
Helping women grow successful and sustainable businesses
Throughout 2023, Block strengthened our collaboration with the nonprofit Global Sisters. Dedicated to aiding women-owned, early-stage microbusinesses in Australia and New Zealand, Global Sisters works to dismantle barriers to women’s successful self-employment. Block supported their efforts in a number of ways, including mentorship and coaching for women entrepreneurs, participation in events and panels, and in-kind contributions of laptops to Global Sisters clients.
Education resources for small businesses
Square partnered with organizations to offer educational workshops and presentations to aid small business owners throughout 2023. Partner orgs include both national and local chambers of commerce and the US Small Business Administration’s (SBA) Small Business Development Centers and Women’s Business Centers, both part of the SBA’s educational arm. Square hosted dozens of workshops with these partners, sharing insights on how to best leverage its suite of seller tools.
Helping women grow successful and sustainable businesses
Throughout 2023, Block strengthened our collaboration with the nonprofit Global Sisters. Dedicated to aiding women-owned, early-stage microbusinesses in Australia and New Zealand, Global Sisters works to dismantle barriers to women’s successful self-employment. Block supported their efforts in a number of ways, including mentorship and coaching for women entrepreneurs, participation in events and panels, and in-kind contributions of laptops to Global Sisters clients.
Education resources for small businesses
Square partnered with organizations to offer educational workshops and presentations to aid small business owners throughout 2023. Partner orgs include both national and local chambers of commerce and the US Small Business Administration’s (SBA) Small Business Development Centers and Women’s Business Centers, both part of the SBA’s educational arm. Square hosted dozens of workshops with these partners, sharing insights on how to best leverage its suite of seller tools.
Square employees pose for a photo at UK Black Business Week.
Square employees pose for a photo at UK Black Business Week.
Thriving and advising at UK Black Business Week
In October of 2023, Square participated in UK Black Business Week for the first time.
The annual event welcomes Black professionals across Europe to a week of panels, events, learnings, and networking. Taking place during UK Black History Month, the 2023 event drew over 6,000 attendees.
Square sponsored several aspects of the event, including its Business Advisor Hub, a panel discussion, and the Career Zone. The Career Zone offered people re-entering the workforce guidance from recruiters across the industry, and Square employees were on hand for career conversations and mentoring. Square also donated its payments hardware to attending businesses and entrepreneurs, giving them a head start on running their business.
Thriving and advising at UK Black Business Week
In October of 2023, Square participated in UK Black Business Week for the first time.
The annual event welcomes Black professionals across Europe to a week of panels, events, learnings, and networking. Taking place during UK Black History Month, the 2023 event drew over 6,000 attendees.
Square sponsored several aspects of the event, including its Business Advisor Hub, a panel discussion, and the Career Zone. The Career Zone offered people re-entering the workforce guidance from recruiters across the industry, and Square employees were on hand for career conversations and mentoring. Square also donated its payments hardware to attending businesses and entrepreneurs, giving them a head start on running their business.
01.3
Innovating the Global Payments System
The world needs a better global payments system. One that serves all people, regardless of location, making economic access more equitable. Block believes that bitcoin has the best potential to be a reliable, secure, global currency capable of serving everyone. In 2023, teams across our business worked to make bitcoin easier to use and accessible to more people.
01.3
Innovating the Global Payments System
The world needs a better global payments system. One that serves all people, regardless of location, making economic access more equitable. Block believes that bitcoin has the best potential to be a reliable, secure, global currency capable of serving everyone. In 2023, teams across our business worked to make bitcoin easier to use and accessible to more people.
A better self-custody wallet
Our Proto team’s mission is to help accelerate the world’s transition to a more open economy by making products that increase access and independence for everyone. In December 2023, the Proto team launched Bitkey, a self-custody bitcoin wallet designed to make it safe and easy to truly own your bitcoin. Self-custody tools like Bitkey give people greater control over their money and their access to the global economy.
A better self-custody wallet
Our Proto team’s mission is to help accelerate the world’s transition to a more open economy by making products that increase access and independence for everyone. In December 2023, the Proto team launched Bitkey, a self-custody bitcoin wallet designed to make it safe and easy to truly own your bitcoin. Self-custody tools like Bitkey give people greater control over their money and their access to the global economy.
Players hit the court at The Bitcoin Classic (TBC).
Players hit the court at The Bitcoin Classic (TBC).
Investing in bitcoin education
Our Discovery Grant (formerly known as the Bitcoin Endowment) is another focus of Block’s impact investment in 2023. The grant supports nonprofit organizations working toward a key aspect of our purpose: making financial education open and available to all.
Four nonprofit organizations received the Discovery Grant in 2023: The Bitcoin Classic (TBC), Bitcoin Ekasi, Mi Primer Bitcoin, and Bitcoin Transformation Community. Funds from the grant will go toward helping each organization continue its mission and further its reach.
Investing in bitcoin education
Our Discovery Grant (formerly known as the Bitcoin Endowment) is another focus of Block’s impact investment in 2023. The grant supports nonprofit organizations working toward a key aspect of our purpose: making financial education open and available to all.
Four nonprofit organizations received the Discovery Grant in 2023: The Bitcoin Classic (TBC), Bitcoin Ekasi, Mi Primer Bitcoin, and Bitcoin Transformation Community. Funds from the grant will go toward helping each organization continue its mission and further its reach.
Improving access to bitcoin
c=, a new Lightning Network infrastructure provider, launched in March 2023. It aims to help developers, businesses, and those businesses’ customers reliably use the network for payments, making bitcoin transactions easier and faster for everyone.
TBD partners with Yellow Card
In April 2023, TBD announced that Yellow Card, Africa’s leading cryptocurrency exchange, would be the first Participating Financial Institution (PFI) on TBD’s open source liquidity protocol, tbDEX. The new partnership unlocks a network of global fiat on- and off-ramps that bridge traditional payment rails to bitcoin, making it easier for people (particularly for those living in the Global South) to regularly access and use alternative currencies.
Supporting bitcoin innovation through Spiral grants
Spiral, an independent team at Block that runs and funds initiatives that help make bitcoin easier to use, made moves in 2023. The numbers: 14 new grants awarded, 10 renewed. Each grant is a step toward making bitcoin accessible on a global scale.
Making mining more accessible
Back in 2022, Proto announced plans to help decentralize the bitcoin mining industry by building an ASIC chip — a semiconductor that delivers the necessary power for mining. 2023 saw the plan being put into action. In March, the Proto team announced its intentions to build the Mining Developer Kit (MDK). Work continued throughout the year, with the completion of the kit’s hashboard prototype in October 2023.
The intention behind the kit is to lower the entry point to bitcoin mining, which has become an expensive and exclusive endeavor. A complete MDK will make mining more accessible and open, leading to more innovation in the field.
Improving access to bitcoin
c=, a new Lightning Network infrastructure provider, launched in March 2023. It aims to help developers, businesses, and those businesses’ customers reliably use the network for payments, making bitcoin transactions easier and faster for everyone.
TBD partners with Yellow Card
In April 2023, TBD announced that Yellow Card, Africa’s leading cryptocurrency exchange, would be the first Participating Financial Institution (PFI) on TBD’s open source liquidity protocol, tbDEX. The new partnership unlocks a network of global fiat on- and off-ramps that bridge traditional payment rails to bitcoin, making it easier for people (particularly for those living in the Global South) to regularly access and use alternative currencies.
Supporting bitcoin innovation through Spiral grants
Spiral, an independent team at Block that runs and funds initiatives that help make bitcoin easier to use, made moves in 2023. The numbers: 14 new grants awarded, 10 renewed. Each grant is a step toward making bitcoin accessible on a global scale.
Making mining more accessible
Back in 2022, Proto announced plans to help decentralize the bitcoin mining industry by building an ASIC chip — a semiconductor that delivers the necessary power for mining. 2023 saw the plan being put into action. In March, the Proto team announced its intentions to build the Mining Developer Kit (MDK). Work continued throughout the year, with the completion of the kit’s hashboard prototype in October 2023.
The intention behind the kit is to lower the entry point to bitcoin mining, which has become an expensive and exclusive endeavor. A complete MDK will make mining more accessible and open, leading to more innovation in the field.
Cash App breaks BREAD
In December, Cash App introduced BREAD — a free, limited-edition zine that blends financial education with culture. BREAD’s inaugural Bitcoin Issue was created to help readers see bitcoin in a new, more inclusive light. Just as Cash App is redefining people’s relationship with money, BREAD hopes to redefine financial education, making it more accessible and enjoyable.
Cash App breaks BREAD
In December, Cash App introduced BREAD — a free, limited-edition zine that blends financial education with culture. BREAD’s inaugural Bitcoin Issue was created to help readers see bitcoin in a new, more inclusive light. Just as Cash App is redefining people’s relationship with money, BREAD hopes to redefine financial education, making it more accessible and enjoyable.
Spiral reintroduces bitcoin
Spiral produced “Who Is Bitcoin?”, a 10-minute funny and educational video starring a giant, anthropomorphic bitcoin who feels misunderstood by the world. Check it out if you haven’t already.
Spiral reintroduces bitcoin
Spiral produced “Who Is Bitcoin?”, a 10-minute funny and educational video starring a giant, anthropomorphic bitcoin who feels misunderstood by the world. Check it out if you haven’t already.