Jack Dorsey's favourite child Block could become a super app.
Background: Block (FKA Square) is Jack Dorsey's favourite child ('cos, ya know he ditched Twitter for Block last year). And it looks like it could be a winner for him.
What happened: Block blasted off into space on Friday after its full-year results. EBITDA was up 114% (✅), and revenue from Block's Bitcoin purchases totalled US$1.96 billion (✅). And Block's share price shot up 39%.
What else: During the investment call, Jack Dorsey kinda suggested he's got big dreams of becoming a finance super app all over the world.
💡A super app is a digital ecosystem of products that live under a single app and user experience. They provide users with almost everything in one place.
💡Super apps have been popular in regions like China, India and South-East Asia for a while, but in the US...no-one has really 'owned' this space.
💡Block's Cash App allows consumers to deposit pay, make payments, trade stocks and bitcoin and even file tax returns. By integrating Afterpay, Cash will be one step closer to its super app dreams. And yup, the banks are shakin'.
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