At Recode's Code Commerce 2018 conference, Square CFO Sarah discussed the possibility for the Cash app to eventually allow customers to save and invest. Today, Cash app customers hold $200m in balances on the app.
“It’s definitely a big balance. And we’re starting to think about, are there other things we could do for our customers there? Maybe help them with their savings,” she said. “How can we help them make their money work for them? Lots of ideas on the table.” One of those ideas is “absolutely” other types of investments. “Anything you do today with a bank account, you should look to the Cash App to begin to emulate more and more of that,” Friar said. Those changes would move Square beyond its origins as a checkout software for businesses and into a competitor to startups like Robinhood.