SQ2 ASX: Nick Molnar backs Block’s bid to reshape US banking

Already a subscriber?Afterpay co-founder Nick Molnar is behind a targeted push inside US payments giant Block to embed the buy now, pay later technology in Block’s Cash App as part of Block chairman Jack Dorsey’s threat to upend the way a generation of Americans bank.

“We have an incredible asset in Afterpay,” Mr Dorsey said. “We are looking for all the financial tools Afterpay has created be right in Cash App.”Despite market pessimism that the BNPL run was over when interest rates rose, Block pointed to accelerating growth at Afterpay, with $US8.6 billion of sales going through the platform in the fourth quarter, up 25 per cent year-on-year, bringing the 2023 total to $US27 billion – almost double the volumes when the business was sold.

Mr Dorsey told the market his strategy was to “bank the base” in the US by focusing on getting Cash App onto the smartphones of families and by creating a “social bank” building off its peer-to-peer network effects.

Source: Financial Digest (financialdigest.net)

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