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Square’s Cash App is hiring for a slew of positions hinting at plans to attract more merchants and compete directly with payment networks like Mastercard and Visa

Jack Dorsey, CEO of Square. Burhaan Kinu/Hindustan Times via Getty Images Cash App wants to be 'the most sought-after payments network in …

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Jack DorseyJack Dorsey, CEO of Square.

Burhaan Kinu/Hindustan Times via Getty Images

  • Cash App wants to be ‘the most sought-after payments network in the US,’ according to recent job postings.
  • It’s hiring for roles to build out new payments flows, which could cut out networks like Mastercard and Visa.
  • Cash App Business is already growing fast, accounting for 8% of Square’s total volumes as of Q4 2020.
  • See more stories on Insider’s business page.

For Square, 2020 was, in many ways, the year of Cash App.

The payment giant’s personal finance offering saw 440% growth last year. And while a large portion of that was a result of the resurgence of cryptocurrency, Cash App’s non-Bitcoin related revenue still grew by 137% year-over-year in 2020.

Meanwhile, on the seller side of Square, where it’s known for its white cash registers and card readers popular at coffee shops, revenue grew just 2% year-over-year.

Now, Square is looking to build on the momentum of the past year as it hires for a slew of positions at Cash App focused on turning the app into much more than just a peer-to-peer Venmo rival.

Of the more than 500 job postings on Square’s website, nearly 100 are for Cash App. And while many are engineering and product roles for existing offerings, a few are focused on new Cash App tools and features that indicate ambitious plans Square has for the growing app.

Cash App is building “the fastest, most reliable, and easiest to use payment network,” according to the job postings. And in some use cases, that could position it to compete directly with traditional payments networks like Mastercard and Visa.

Part of the strategy includes a push to get more merchants using Cash App Business, where consumers pay businesses via Cash App’s peer-to-peer network. That means Square doesn’t have to pay fees to payments networks for credit and debit-card transactions.

“It’s not only the opportunity to merge the seller and the Cash App ecosystems and potentially dramatically increase margins on those transactions,” Maximilian Friedrich, an analyst at ARK Invest, told Insider. Square would likely earn the majority, if not all, of transaction revenue in cases where money is moving within the Square and Cash App ecosystems, Friedrich added.

“It’s also opening up the Cash App platform, which has 36 million users, to merchants more broadly,” Friedrich said. “Those, for us, are very interesting value propositions.”

Cash App is hiring to build the ‘most sought-after payments network in the US’

Cash App, launched in 2013, is led by Brian Grassadonia, a 10-year Square veteran who joined the company as its first product manager in 2010. The app started as a way for users to send and receive money, but has since evolved to include banking and trading features.

It has over 36 million monthly active users as of December, up 50% from the end of 2019. Square says that its average customer acquisition for Cash App is less $5 per user. It’s growth is largely driven by the network effects of its P2P offering.

In 2021, it plans to increase marketing spend in an effort to re-engage the 80 million consumers that have used Cash App in the past, but aren’t currently active, CFO Amrita Ahuja said during Square’s fourth quarter earnings call.

But Cash App isn’t just focused on consumers. It’s starting to lure businesses, too.

The payments giant is looking to turn Cash App into its own payments network that expands beyond P2P to include merchants, based on recent job postings. Offering Cash App as a payment method with merchants would put Square in direct competition with card networks like Amex, Mastercard, and Visa, as well as other payments players like PayPal.

For one, Square is searching for someone to lead network business development and sales for Cash App. They’ll be tasked with turning Cash App into “the most sought-after payment network in the US,” according to the job description. This person will work with Cash App’s network team. Square declined to provide more details on the job postings.

Square is also hiring several senior software engineers focused on “new product” within the Cash App network product team, which is “all about finding new ways to pay and get paid,” according to the job descriptions.

The team, which is relatively new, is led by Austin Broyles, who worked at Square as a staff engineer from 2011 to 2013. He returned to the company in October 2020 as an engineer for Cash App, according to his LinkedIn profile.

Cash App for businesses is growing quickly

Square’s push to lure merchants on to Cash App Business is part of the company’s strategy to create a so-called closed-loop payments network.

Through Cash App Business, Square is able to cut out intermediaries, moving money internally between Cash App consumer and business accounts via its existing peer-to-peer framework.

Payments between consumers and sellers all occuring within the Cash App ecosystem mean Square stands to earn more on each purchase, as opposed to giving up fees to credit and debit-card processors like Visa and Mastercard.

Square monetizes Cash App Business transactions at 2.75%, Ahuja said during Square’s third quarter earnings call last year. And while profit margins on Cash App Business transactions haven’t been disclosed, the closed-loop nature of the payments could mean Square’s earning more than the overall 1.23% transaction-based profit margins Square reported for 2020.

“From our understanding, those transactions should be very profitable for Square,” Friedrich said.

For Square, by cutting out credit and debit cards, the entire transaction happens inside the Cash App ecosystem, meaning it earns more on each transaction.

“That’s a very different picture to the rest of Square’s business,” he added in regards to how Square normally facilitates purchases made with debit and credit cards by giving up a slice of revenue to those card processors.

And Cash App Business is growing fast. Total volumes grew 216% year-over-year in 2020, accounting for 8% of Square’s total volumes as of the fourth quarter last year (up from 3% at the end of 2019).

Cash App Business’ transaction-based revenues were up 221% year-over-year at $234 million in 2020, accounting for about 17% of Cash App’s non-Bitcoin-related revenue, according to its fourth quarter earnings report.

The value proposition to merchants is simple: With 36 million active users and marketing tools like rewards platform Boost, Cash App could help sellers win more sales, Friedrich, said.

To be sure, Visa and Mastercard still maintain massive market share as two of the largest payment networks in the world. In the US alone, the two companies processed 87% of the more than $6.75 trillion in credit and debit-card transactions in 2020, according to Nilson.

To be sure, Square is still focused on its bread-and-butter seller ecosystem. It’s also hiring a senior software engineer focused on new products for Square Capital, its business lending offering. The hire will be focused on building a new set of financial offerings for sellers, according to the job posting.

It’s a new team that’s building an “unreleased product that is expected to ship in Q2 2021,” the job posting says. “This new product will redefine the future of financial services for small businesses on Square.”

Cash App is also hiring for its own commerce offering

Last December, Cash App released a line of branded merch, like sweatshirts and hoodies, offered at a discount if consumers paid with Cash App. The rollout was something of a beta test for a closed-loop retail network, whereby Cash App users shop and pay all within the app.

Now, it’s hiring engineers focused on building a commerce experience.

“The Commerce team is building new retail payment experiences on Cash App that leverage our vast omni-channel Seller ecosystem at Square,” the job postings say.

Cash App’s checkout is powered by an OAuth 2.0-based API, an industry standard in authorizing purchases and a function usually owned by card networks and banks. By using this API, Cash App is looking to “empower the consumer in what is traditionally a merchant and bank-controlled world,” according to the job descriptions.

Cash App’s merch line is linked in the job description as a demo of what the commerce team is building.

Got a tip? Contact this reporter via email at [email protected]ider.com, Signal (801-824-5318), or direct message on Twitter @shannen_balogh.

  • Cash App Business is already growing fast, accounting for 8% of Square’s total volumes as of Q4 2020.
  • Source: https://markets.businessinsider.com/news/stocks/square-cash-app-hiring-build-own-payments-network-visa-mastercard-2021-4-1030272257

    square's-cash-app-is-hiring-for-a-slew-of-positions-hinting-at-plans-to-attract-more-merchants-and-compete-directly-with-payment-networks-like-mastercard-and-visa

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    Blackstone’s betting $6 billion on the rental market – here’s why private-equity loves real estate right now

    Jonathan Gray, Blackstone president and chief operating officer Heidi Gutman/NBCUniversal via Getty Images Blackstone is all-in on rent resets…

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    Jonathan GrayJonathan Gray, Blackstone president and chief operating officer

    Heidi Gutman/NBCUniversal via Getty Images

    • Blackstone is all-in on rent resets and long-term property assets to combat potential inflation.
    • Private equity firms have trillions of dollars in cash to put to work on acquisitions.
    • Blackstone’s share price ticked over $100 for the first time this month.
    • See more stories on Insider’s business page.

    It’s been quite the month for Blackstone.

    The private-equity behemoth is part of a consortium of investors that bought Medline for about $34 billion, its share price ticked over $100 for the first time, and it’s doubling down on residential real estate with a $6 billion Home Partners of America buy.

    It’s a bet on scorching demand for housing continuing, and also a defensive move as inflation worries start to seep into investors’ minds. The average price of a home topped $350,000 for the first time inn May, according to the National Association of Realtors, logging the largest-ever increase in prices since the NAR began tracking data.

    “Whether it’s apartments, storage facilities for warehouse distribution, or single-family homes, private-equity is getting into this as an inflation hedge,” Nicholas Tsafos, a partner with accounting firm EisnerAmper, told Insider.

    Home Partners, which owns more than 17,000 homes in the US, rents out these properties, but tenants have an opportunity to someday buy the home.

    In the single-family rental arena, private-equity firms can hike rents, while also holding onto profitable, tangible assets.

    “Because interest rates are low, and with the potential for a pick-up in inflation, private-equity also feels the need to be long on hard assets,” Tsafos said. “In real estate, you buy it today and then flip it for a higher price.”

    Jon Gray, Blackstone’s president and COO, alluded to it during the firm’s earnings call in April when he said multi-family apartments that come with the ability to reset rents were key for Blackstone.

    The firm bought many houses at remarkable discounts after the housing market crashed in 2007. It accumulated a number of single-family homes through a former portfolio company Invitation Homes. Blackstone sold its final block of shares in the company in 2019.

    The private-equity shop also favors logistics spaces, such as warehousing, life sciences offices, and media and studio businesses with offices, according to a June 22 research note from UBS.

    In October, Blackstone made a handsome investment when it sold life sciences real-estate company BioMed Realty for $14.6 billion, after acquiring it for about $8 billion in January 2016.

    And it’s not just Blackstone. Fellow private-equity investor KKR is investing in My Community Homes, a platform that buys and manages single-family rental properties, according to Bloomberg.

    KKR will invest in My Community Homes through its real-estate and private-credit vehicles.

    A spokesperson for KKR was not immediately available to comment.

    The Carlyle Group said in May that it provided up to $300 million to Four Springs Capital Trust, a private REIT that acquires and manages single-tenant properties with long-term net leases.

    Four Springs will use the money to build its portfolio, which encompasses 122 properties across 29 states, Carlyle said in a press release.

    The move on real estate comes while private investment firms sit on more than $1 trillion in cash. Borrowing costs, too, remain subdued as the Fed keeps interest rates at all-time lows.

    Given the sheer amount of dry powder available, coupled with accommodative credit markets, private-equity is keen to conduct a surfeit of acquisitions, and isn’t shy about injecting large sums of equity into prospective investments.

    Medline, for example, is expected to raise roughly $17 billion from the debt markets, while the private investors are providing a similar amount in equity.

    “Big leveraged buyouts are back in vogue,” said Christopher Zook, chairman and CIO of alternative investment manager CAZ Investments. “Whether it’s KKR or Blackstone, they have large capital to put to work. So they’ve got to do a ton of deals.”

    Disclaimer: KKR holds a majority stake in Insider’s parent company, Axel Springer.

    It’s been quite the month for Blackstone.

    Source: https://markets.businessinsider.com/news/stocks/blackstone-home-partners-america-single-family-rental-real-estate-inflation-2021-6-1030556791

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    Trading the Fed, plus insights from a 99th-percentile fund manager

    Hello and welcome to Insider Investing. I'm Joe Ciolli, and I'm here to guide you through the current market and investing landscape. Here…

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    Hello and welcome to Insider Investing. I’m Joe Ciolli, and I’m here to guide you through the current market and investing landscape. Here’s what’s on the docket:

    If you aren’t yet a subscriber to Insider Investing, you can sign up here.

    Have thoughts on the newsletter? Just want to talk markets? Feel free to drop me a line at [email protected] or on Twitter @JoeCiolli.

    Fed-driven portfolio adjustments GettyImages 1228670990

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    The Federal Reserve left interest rates steady this past week while setting the stage for two hikes by year-end 2023. Traders, who took a wait-and-see approach before the Fed meeting, quickly sprung into action. Insider spoke with Wall Street and crypto investors to gauge how to position for the hawkish shift.

    Read the full story here:

    The Fed has left rates steady while signaling 2 potential hikes by the end of 2023. Here is what to do with your stocks, bonds, and digital assets, according to top Wall Street and crypto investors.99th-percentile insights and stock picks Dave Ellison

    Hennessy Funds

    Financial-sector stocks have outperformed the rest of the market over the last several months. Hennessy Funds’ Dave Ellison – who’s in the 99th percentile compared to peers over the past year – told Insider he expects their strong performance to continue. He shared 5 financial stocks to buy now in order to take advantage of the remaining upside.

    Read the full stories here:

    Dave Ellison has beaten 99% of his peers over the last year managing the Hennessy Small-Cap Financial Fund. He breaks down why he thinks financial stocks still have room to run – and shares 5 names to bet onSPAC shorts SPACs and hedge funds 2x1

    Brian Snyder/Reuters; Michael Loccisano/Getty Images; Samantha Lee/Insider

    Short interest in SPACs stood at $3.2 billion in mid-June, up from $2.7 billion. The uptick in SPAC shorts comes as the market works to recover from a weeks-long slowdown, and one ETF manager expects recently “de-SPACed” companies to see short activity surge soon. Exclusive data shows the 20 most-shorted blank-check companies right now.

    Read the full stories here:

    Bets against SPACs are revving back up as the market attempts a comeback. Here are the 20 most-shorted blank-check companies now.YOU’RE INVITED: A Millennial Guide to Home Ownership

    Join us and learn how to navigate the complicated process of buying a home in today’s hot market on Tuesday, June 22 at 12 p.m. ET – during a free, hour-long virtual event presented by Fidelity.

    Register here.

    Stock pick central

    Seeking experts who are willing to name names? Look no further:

    Have thoughts on the newsletter? Just want to talk markets? Feel free to drop me a line at [email protected] or on Twitter @JoeCiolli.

    Source: https://markets.businessinsider.com/news/stocks/trading-fed-99th-percentile-picks-spac-short-selling-insider-investing-2021-6-1030537490

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    Artificial Organs Market | $ 10.90 billion growth expected during5 | Technavio

    NEW YORK, June 18, 2021 /PRNewswire/ — The artificial organs market is expected to grow by USD 10.90 billion during 2021-2025, according to Techn…

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    NEW YORK, June 18, 2021 /PRNewswire/ — The artificial organs market is expected to grow by USD 10.90 billion during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the artificial organs market in optimistic, probable, and pessimistic forecast scenarios.

    Technavio has announced its latest market research report titled Artificial Organs Market by Product and Geography - Forecast and Analysis 2021-2025

    Understand the in-depth market insights with value chain analysis and validation techniques:
    Download FREE Sample Report

    With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.

    The artificial organs market will witness a positive impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.

    This post-pandemic business planning research will aid clients to:

    • Adjust their strategic planning to move ahead once business stability kicks in.
    • Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
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    Key Considerations for Market Forecast:

    • Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
    • Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
    • Pre- as well as post-COVID-19 market estimates
    • Quarterly impact analysis and updates on market estimates

    Major Three Artificial Organs Market Participants:

    Abbott Laboratories
    Abbott Laboratories offers ASSURITY MRI PACEMAKER. Its size and shape allow surgeons to make small incisions during the implantation procedure. This pacemaker requires a small pocket under the skin of the chest during implantation.

    Asahi Kasei Corp.
    Asahi Kasei Corp. offers REXEED. It is a hemodialyzer for effective removal of toxins and low molecular weight proteins.

    B. Braun Melsungen AG
    B. Braun Melsungen AG offers Diacap Pro. It is a hemodialyzer that removes wastes and excess fluid from the blood.

    If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown:
    https://www.technavio.com/report/artificial-organs-market-industry-analysis

    Artificial Organs Market 2021-2025: Segmentation

    Artificial organs market is segmented as below:

    • Product
      • Artificial Heart
      • Artificial Kidney
      • Cochlear Implants
      • Artificial Pancreas
    • Geography
      • North America
      • Europe
      • Asia
      • ROW

    The artificial organs market is driven by the increasing prevalence of chronic disorders. In addition, the growing demand for pacemakers and dialyzers is expected to trigger the artificial organs market toward witnessing a CAGR of almost 9% during the forecast period.

    Know more information on factors assisting the artificial organs market growth during the next five years, Request Free Sample Report @
    https://www.technavio.com/talk-to-us?report=IRTNTR44011

    Related Report on Healthcare Include:

    Global Breast Reconstruction Market- The breast reconstruction market is segmented by product (breast implants and tissue expanders) and geography (North America, Europe, Asia, and ROW).
    Download FREE Sample Report

    Global Dental Infection Control Products Market- The dental infection control products market is segmented by product (consumables and equipment) and geography (North America, Europe, Asia, and ROW).
    Download FREE Sample Report

    Market Drivers

    Market Challenges

    Market Trends

    Vendor Landscape

    • Vendors covered
    • Vendor classification
    • Market positioning of vendors
    • Competitive scenario

    About Us
    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contact
    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: [email protected]
    Website: www.technavio.com/
    Report Page: https://www.technavio.com/report/artificial-organs-market-industry-analysis

    Technavio (PRNewsfoto/Technavio)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/artificial-organs-market—10-90-billion-growth-expected-during-2021-2025–technavio-301315548.html

    SOURCE Technavio

    Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

    With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.

    Source: https://markets.businessinsider.com/news/stocks/artificial-organs-market-10-90-billion-growth-expected-during-2021-2025-technavio-1030536439

    artificial-organs-market-|-$-10.90-billion-growth-expected-during5-|-technavio

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