Block $SQ, Inc. is an American financial technology company headquartered in Oakland, California, that provides payment processing and financial services to both merchants and consumers. Founded on Feb. 14, 2009, by Jack Dorsey and Jim McKelvey, the company originally operated as Square, Inc. before renaming itself Block, Inc. on Dec. 10, 2021. Dorsey also co-founded Twitter $TWTR.
The company's founding product grew from a practical problem: McKelvey lost a $2,000 sale because he had no way to accept credit cards. Dorsey and McKelvey built a compact card reader that plugged into a mobile device, letting small merchants accept card payments without the cost and complexity of traditional payment terminals. That product, Square, became the basis of a broader commerce platform that now includes bookings, inventory management, payroll, e-commerce tools, and business lending. As of 2024, Square held the leading position among point-of-sale systems in the U.S. market.
Block's second major product is Cash App, a consumer-focused digital wallet introduced in 2013. Cash App allows users to send and receive money, hold a debit card, invest in stocks and bitcoin, and file taxes. The platform served 57 million users as of 2024.
Beyond those two core products, Block has expanded through acquisition and internal development. In January 2022, it completed the purchase of Afterpay, an Australian buy now, pay later lender. In March 2021, it acquired majority ownership of Tidal, a music streaming service, for $297 million in cash and stock. The company has also developed Bitkey, a self-custody bitcoin wallet, and Proto, a bitcoin mining system that includes a proprietary three-nanometer mining chip announced in 2024.