CashApp to exit the UK market
The peer-to-peer payment platform is shifting focus back to its home turf in the United States.
After six years of making money transfers easy for UK users, consumer-payments platform, CashApp is packing up and heading home.
Jack Dorsey's Block Inc., the brain behind CashApp, has decided to cease operations in the UK on September 15, 2024, to concentrate on the U.S. market and steer clear of international expansion for now.
This decision is a response to the struggles of CashApp with competitors like PayPal and Revolut in the UK. While it initially attracted users with its peer-to-peer payment features, maintaining a significant market share proved challenging. Additionally, regulatory implications, including investigations by US financial regulators, added to the strain.
Block’s move away from global expansion was highlighted last year when the company revealed plans to close some of its European operations. This shift was aimed at prioritizing "areas that have a higher potential return on investment."
Globally, CashApp has over 50 million monthly active users and nearly $15 billion in annual revenues. Despite its international ambitions, Block Inc. has decided that a more concentrated effort in the U.S. will provide better results.
For UK users worried about their funds, CashApp has promised to keep their funds safeguarded until withdrawn, even after its service closes. Users will be notified well in advance and be provided with the necessary support to manage their accounts before the service shuts down.
