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Square Generated $4.78B in Business Loans in 2023

February 22, 2024
Article by:

blockBlock’s business loan division, Square Loans, had a massive year in 2023, generating $4.78 billion in loans. That was $1.5 billion more than its closest competitor Enova and up from $4.06 billion in 2022.

Data of this sort is becoming harder to come by industry wide. Several publicly traded firms that once highlighted their origination volumes have since sought to minimize disclosure of it. (This is an approximate list of the largest online small business lenders and merchant cash advance providers in the US.) While Square still makes their origination figures available, it warrants no mention on the Block quarterly earnings calls because its impact on the overall business is small. Block generated $21.92 billion in net revenue in 2023 for example, $9.5 billion of which stemmed from its bitcoin business.

Square: Business Loan Originations, Loss Rates Steady in Q3

November 2, 2023
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Block’s Square Loan division chugged along in Q3, originating 120,000 loans for a total of $1.17B. The company’s origination figures in the first nine months of this year are basically on par with the origination figures of the last nine months of 2022. This suggests that Block is being cautious and conservative.

Block also said that loss rates on Square Loans “remained consistent with historical ranges.”

Square loan originations for the past six quarters:

Q2 2022: $1.01B
Q3 2022: $1.14B
Q4 2022: $1.16B
Q1 2023: $1.10B
Q2 2023: $1.10B
Q3 2023: $1.17B

Block did not talk about Square Loans on its earnings call except to say that it’s among a number of products it offers that serves as a retention tool and that in the future it will become more of an acquisition channel as well.

Square Loans Adds Monthly Payment Option, Tops $1B in Loans in Q2

August 4, 2023
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Block’s Square Loan subsidiary is adding another business loan feature to its arsenal, a monthly payment option “to serve larger sellers who wanted more visibility into managing their cash flow.”

The company had a major quarter by making 119,000 loans for a total of $1.10 billion in originations. The company has consistently ranked among the top online small business lenders in the country.

Square Loans said that 25% of its fixed payment loan customers so far have been “mid-market sellers,” small businesses that process more than $500,000 in annual card payment volume.

Square Loans Originates $1.1B in Funding in Q1

May 5, 2023
Article by:

blockBlock is not slowing down its small business lending division. Square Loans originated $1.1B across 113,000 loans in the first quarter of 2023, keeping it on pace to continue remaining the largest small business lender that deBanked publishes data on. The company said that loss rates remained consistent with historical ranges and that strong revenue and gross profit were achieved.

Square Loans Completes Monster Funding Year

February 26, 2023
Article by:

blockSquare Loans rose to the top of deBanked’s small business loan originations leaderboard last year after announcing $1.16B in originations in Q4. That brought the company, which is a subsidiary of Block (formerly Square), to over $4B funded for the year total, spread out across 461,000 loans.

In its annual shareholder letter, Block said that “Square Loans achieved strong revenue and gross profit growth during the fourth quarter of 2022.” Demand for loans has been steady and loss rates have stayed consistently within historical ranges.

Square Loans typically approves merchants for less than 20% of a merchant’s expected annual Square gross payment volume, is repaid by withholding a percentage of credit card sales, and enjoys a borrower base that pays off its loans in less than 9 months on average.

Block’s business is so large and now has so many components that Square Loans did not even come up in Block’s Q4 earnings call. Overall, the company generated $5.7B in revenue in 2022.

The small business loans originations leaderboard contains a lot of blanks. That’s because several public companies have attempted to obscure their business lending figures or non-public ones have opted to not disclose their figures. If you want your company’s figures to be added, email info@debanked.com.

Square Funds $1.14B in Q3

November 5, 2022
Article by:

Square in San FranciscoSquare Loans, a subsidiary of Block, originated 126,000 loans for a total of $1.14B in Q3. The company has a positive outlook on the state of its lending business, saying that “Square Loans achieved strong revenue and gross profit growth during the third quarter of 2022.” Overall, originations grew by more than 10% over the previous quarter.

Square Loans is one of several lenders thriving during this period of economic uncertainty. Rivals Enova and Shopify Capital also recently reported strong business loan results.

Square Loans Originated $1.01B in Q2

August 4, 2022
Article by:

Square in San FranciscoSquare Loans originated $1.01B in the second quarter, up from $756M in Q1. During the earnings call, Block (formerly Square) CFO Amrita Ahuja said that the company is using the discipline it maintained on risk with Square Loans with other growing segments of its business. The fact that its business loans are short duration has been key to that success, the company said.

“The unique structure of our products is really designing our products to simplify access to capital for customers and to make it easy to pay them back,” Ahuja explained. “These products are generally short duration, and they have a simplified repayment process, including, for some products, being first in that payback priority. And these generally are short-duration. Square Loans is well less than a year in terms of duration.”

The company trumpeted a loss rate on Square Loans that has remained under 3%.

Senior Business Lending Exec of Square Has Moved to Coinbase

May 16, 2022
Article by:

coinbaseRonak Daya, who spearheaded several of Square Capital’s lending divisions, including “head of product for business lending” and “head of product for external lending and partnerships,” announced on twitter that he had moved on from the company. He had been involved in SMB lending for 7 straight years. His new role? Head of Financing Products at Coinbase.

If you thought Coinbase was just about buying Bitcoin, you’re wrong. Daya announced that he’ll be leading a team “to build lending and financing products both for consumers and institutional clients.”

“As I explored what came after Square, my primary focus was on challenging myself to go in a fundamentally new domain/area, and build for a new customer,” Daya wrote. “The priority was learning. Learning by building in domains that I am passionate about, but know little about.”

Convinced that the world is moving towards becoming a crypto-native economy, Daya added that he wants to “play a part in using trust, ease and education to onboard the next billion customers to a new financial system.”

Currently, Coinbase already offers a lending product, loans up to $1 million at 8% APR with monthly payments and no credit check. Though Bitcoin is used as collateral, payments are made by monthly ACH debit or through a linked USD wallet.

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