Block, Inc. announced that it has extended more than $200 billion in credit to customers through its Cash App Borrow, Afterpay, and Square Loans products, marking a new high for the company’s lending ecosystem.
The milestone is driven by the combined volume of the three products, with Cash App Borrow representing the largest share of the $200 billion total. Afterpay and Square Loans also contributed significant amounts, together accounting for the remaining portion of the credit volume.
Block’s proprietary underwriting technology, which analyzes near‑real‑time behavioral data from its 58 million monthly active Cash App users, has enabled the company to approve 38 % more loans at the same loss rate compared with traditional credit models. This higher approval rate is a direct result of the data‑driven risk assessment framework that captures current financial behavior rather than relying solely on legacy credit bureau scores.
Repayment performance remains strong across the portfolio: Cash App Borrow maintains a 97 % repayment rate even though a majority of borrowers have FICO scores below 580; Afterpay reports that 96 % of installments are paid on time; and Square Loans has maintained loss rates of less than 3 %. These metrics demonstrate that the company’s inclusive lending approach does not compromise credit quality.
The $200 billion milestone underscores Block’s strategy of serving the “financial majority” – individuals and small businesses that are often excluded by traditional lenders. By expanding access while preserving stable loss rates, Block strengthens its competitive position in the fintech lending market and lays a foundation for future growth within its broader ecosystem.
Brian Boates, Block’s Risk Lead, said, “Our near‑real‑time underwriting models don’t just expand access—they create better outcomes for both customers and our business. This isn’t theoretical; we’ve proven it by scaling to $200 billion in lending while maintaining consistent loss rates.”
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