Payments News

Fueled by Cash App, Square’s Consumer Business Takes a Star Turn

Aug 01, 2019

As Square Inc. enters its 11th year in business, observers have noted how it is depending increasingly on sales to larger sellers. But its financial results for the second quarter, released Thursday, indicate how the San Francisco-based company is also depending more and more on its rapidly growing consumer business, which now accounts for 21% of overall revenue, up from 16% a year ago.

Also on Thursday, Square announced it has sold Caviar, a food-delivery business it acquired five years ago, to DoorDash for $410 million in cash and DoorDash preferred stock. Caviar helped Square penetrate a key merchant market but straddled its commercial and consumer segments.

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