- 1Square Loans originated $1.64B in Q2, up from $1.59B in Q1.
- 2That pace implies about $6.5B for the year.
- 3Block says Square GPV grew 10% and Cash App gross profit grew 16% year over year.
Square Loans, the merchant financing arm of Block, originated $1.64 billion in small business loans in the second quarter, up slightly from $1.59 billion in the first quarter. At that pace, the unit is tracking toward $6.5 billion for the year and keeps its top position among the small business finance companies tracked in the industry's rankings.
Built-in repayment
Square Loans' edge, per the source, is that customers repay automatically through their daily Square point-of-sale transactions. That structure ties payments to sales and reduces the need for separate collections.
Block overall
CEO Jack Dorsey said in his shareholder letter that the whole company is "Back on offense." He added that Square gross payment volume grew 10% year over year and Cash App gross profit grew 16% year over year, with growth accelerating as the quarter ended.
"We had a strong second quarter," Dorsey wrote.
Source reporting: deBanked.
