Square Loans: Also Repeat Originations Performance Quarter over Quarter

Square Loans put up $1.7B in originations in Q3 2025. That’s “up” from $1.68B in the prior quarter. In context this is not an unusual lull in growth as Square Loans originations from Q2 to Q3 in 2024 actually dipped by 4%.

Square also put in the footnotes of its earnings that it actually recast its quarterly origination figures going back to Q3 2024 because they had introduced a new short term loan product that was not previously reported in included figures.

Square Loans is the largest online small business lender that deBanked tracks volume for.

Square Loans is a subsidiary of Block so its commercial lending program rarely warrants discussion on its earnings calls since the focus is on payments, Square, and Cash App.

The editor of deBanked has previously theorized that Block CEO Jack Dorsey is the pseudonymous creator of Bitcoin but that has not been proven. Block reported $1.96B in Bitcoin revenue in Q3 but the margins on this are extremely slim as it represents Block acquiring Bitcoin on the open market and selling it to buyers on Cash App.