Square’s Cash App Is More Popular Among Low FICO Users


  • 54% of Cash App users have a credit score of less than 650
  • Top 5 states by number of users: TX (15.28%), CA (14.99%), FL (10.49%), NY (7.99%), GA (6.69%)
  • Cash App transaction volume grew by 10x (April 2019 – June 2020)
  • Cash App Users Make 6.4 Transactions Per Month (June 2020)
  • Average transaction volume per user has doubled overall, has grown by 2.5x for users with credit scores under 650 (April 2019 – June 2020)

Cash App is a name that’s been on a lot of people’s lips lately. The peer-to-peer money transfer service debuted in 2013 from Square Inc. (SQ) and has firmly established itself among the premier transfer services with the likes of Venmo and PayPal (PYPL).

Over the last 6+ years, the fintech company has made big strides. 2020, however, has been a big year for Cash App.

The San Francisco-based financial services company reported $1.92 billion in net revenue for the second quarter of 2020 — a 64% YoY increase.

A big part of Cash App’s recent success is a huge boost in users. The app’s userbase grew from around 24 million users at the end of 2019 to 30 million users at the end of June 2020.

Those users appear to be very happy with Cash App’s services, too. One user wrote in a recent review:

” I absolutely love Cash App. When I get paid and have the money directly deposited onto my card, my ATM fees are reimbursed for a month after. It’s easy, and quick to borrow or loan money. This app is financially revolutionary.”

Another wrote:

“Best money app I’ve ever used. Not a single issue in the whole year I’ve used it. Much better than PayPal!”

Given Cash App’s incredible growth in 2020, especially amidst the COVID-19 pandemic, we want to take a close look at who was using the app and how.

Table of Contents

  • 54% of Cash App Users have a Credit Score Less than 650
  • 72% of Cash App’s Users Come from Just 10 States
  • Cash App Users Make 6+ Transactions Per Month
  • Average Transaction Dollars Per User More than Doubled
  • Transactions Volume Grew by 2.5x for Users with Credit Scores Under 650
  • Methodology
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