Square was founded in 2009 by Jack Dorsey and Jim McKelvey in San Francisco. The company’s first product was a small white card reader that plugged into a smartphone’s headphone jack, letting anyone accept credit card payments. It was a game-changer for small businesses, freelancers, and market vendors who previously couldn’t afford traditional point-of-sale terminals.
In 2021, Square’s parent company rebranded to Block, Inc. to reflect its broader ambitions beyond payment processing. Block’s portfolio now includes Square (merchant services), Cash App (consumer finance), TIDAL (music streaming), and TBD (decentralized finance).
Square’s merchant ecosystem has grown far beyond the original card reader. It now offers a complete suite: point-of-sale terminals, online payment processing, invoicing, payroll, banking services, and restaurant/retail management software. Square Register, Square Terminal, and Square Reader cover in-person sales, while Square Online handles e-commerce.
Cash App, Square’s consumer-facing product, has become a financial powerhouse on its own. It had over 55 million monthly active users by 2023 and supports peer-to-peer payments, direct deposit, stock and Bitcoin trading, and a debit card.
Block is headquartered in San Francisco and Oakland, with over 12,000 employees. The company reported around $21 billion in total revenue in 2023, though gross profit is a more meaningful metric given that Bitcoin revenue passes through at near-zero margin. Dorsey has been increasingly focused on Bitcoin and decentralized technologies, which shapes Block’s long-term strategy.
