Square Generated $4.78B in Business Loans in 2023

Block’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.