Block Inc. Evolves from Humble Beginnings to Financial Tech Giant

Block Inc., formerly known as Square, Inc., is a leading financial technology company headquartered in Oakland, California. Founded on February 14, 2009, by Jack Dorsey and Jim McKelvey, Block's original product was a compact card reader that allowed small merchants to accept credit card payments without the need for traditional payment terminals.

This product, Square, grew into a broader commerce platform offering bookings, inventory management, payroll, e-commerce tools, and business lending. As of 2024, Block held the leading position among point-of-sale systems in the U.S. market.

Another key product is Cash App, a consumer-focused digital wallet introduced in 2013. With over 57 million users as of 2024, Cash App enables users to send and receive money, hold a debit card, invest in stocks and Bitcoin, and file taxes.

In addition to these 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, and acquired majority ownership of Tidal, a music streaming service, for $297 million in cash and stock in March 2021.

Block is also developing Bitkey, a self-custody Bitcoin wallet, and Proto, a Bitcoin mining system featuring a proprietary three-nanometer mining chip announced in 2024.