Square Loans Originates $1.64B in Small Business Loans in Q2

Block’s merchant financing division, Square Loans, continues to lead the competition. The company originated $1.64B in small business loans in Q2, up slightly from $1.59B in Q1. That puts them on pace for $6.5B for the year and allow them to maintain their top position among small business finance companies that deBanked tracks. Square Loans’ advantage is that its customers repay their loans automatically through their daily Square POS transactions.

Overall, Block CEO Jack Dorsey announced that the entire company is “Back on offense.”

“We had a strong second quarter,” wrote Dorsey in his shareholder letter. “Square GPV grew 10% year over year and Cash App gross profit grew 16% year over year, accelerating as we exited Q2.”