Block

The payments company is expanding the transfer app in an effort to entice more consumers to use the service as their primary banking relationship

The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.

The payment company increased its financial outlook, partly on the shoulders of new forms of artificial intelligence, such as "codename goose" that are making it possible to update products faster.

Block, which maintains its original Square brand for its business-focused products, is offering easier access to cash advances for small businesses. Also, Amex and Mastercard expand their virtual card strategy; and more in the American Banker global payments and fintech roundup.

Block has combined buy now/pay later with peer-to-peer payments, part of a big bet that younger consumers want an alternative to credit cards.

Donald Trump's ascension to the presidency creates regulatory uncertainty, but Block's CEO says the company hopes for more clarity for bitcoin and is developing technology to be flexible.

After his aggressive cost-cutting raised profits above analysts' expectations, Block's CEO aims to retool several features of Square and Cash App to enable them to operate like a "social bank."

The company declined to give specific details on how many jobs were affected. It has sought to rein in costs amid efforts to boost earnings.

PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January.

These executives have taken charge at firms like PayPal, Discover and Early Warning Servcies during a volatile time for the entire industry.

Block is offering a new hardware Bitcoin wallet as crypto advocate Jack Dorsey focuses the payments company formerly known as Square more on security and self-governance for the digital-asset sector.

The M&A surge promises to improve the services fintechs offer to many banks. But it's also creating a new class of full-service competitors.

The $29 billion purchase of the Australian installment lender would bring larger retail relationships, as well as a fast-growing product that has appeal to both consumers and merchants.

The $29 billion deal would enable Square to better compete with PayPal and Apple, and provide an opportunity to cross-sell other services to the Australian lender's global audience.

Square is creating a new business line to help developers build financial services products focused on Bitcoin, according to tweets from CEO Jack Dorsey.

Gripes against peer-to-peer payments services spiked during the past year as U.S. consumers flocked to Venmo, Cash App, Zelle and the like to transfer money.

Southern Bancorp's CEO said money from Square would help his bank continue serving underserved communities.

Square Inc. Chief Executive Jack Dorsey said the digital payments company is considering building a Bitcoin hardware wallet, a device that holds the digital currency but isn’t connected to the internet.

The fintech, which is reportedly building a checking and savings account into its app, is using its banking charter to speed the development of new services as it races its rivals to deliver an all-in-one app.

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