Thoughts on Payments, Processors, & FinTech

研报英文原文证据摘录

Thoughts on Payments, Processors, & FinTech

Global Research

27 July 2026ab

Thoughts on Payments, Processors, & Equities

AmericasFinTech

Diversified Technology Services

XYZ (Cash App Borrow deep dive, Square GP vs.

Timothy E. Chiodo, CFA

GPV analysis, Square ISO program contribution Analyst

timothy.chiodo@ubs.com

analysis), PYPL, Ramp, Visa RPO analysis, Bank +1-415-352 4500

Issuer Volumes, On the Block #5 (XYZ), CMRC, Chris Zhang, CFA Analyst

WEX, East Coast Industry & Investor "open mic" chris.zhang@ubs.com+1-212-713 4911

September 16th, Clover (FISV) co-founder Pat Ennis, CFA

Associate Analyst

dinner, etc. patrick.ennis@ubs.com

+1-212-882 0090

Kyle Crews

Analyst

Block (XYZ) - Cash App Borrow Primer, Analysis, & Opportunity Overview: Given kyle.crews@ubs.com

growing investor focus on Cash App Borrow and its strategic importance to Cash App +1-212-882-0088

monetization, we provide a 50+ page reference report and opportunity framework for

Jing Zhangthe product. We view Borrow as both a direct monetization lever (fixed fees earned on

loan amounts) and an indirect driver of engagement and subsequent monetization (e.g., jing.zhang1@ubs.com

higher inflows, card spend, and retention among Borrow users). Borrow has proven to +1-212-882 0091

be a key driver of improving monetization within the Cash App ecosystem, leveraging

Ella Zimmermann

Block’s proprietary data advantage and embedded distribution to scale a high-

frequency, short-duration lending product. The product has ramped meaningfully in ella.zimmermann@ubs.com

recent periods, supported by expanding eligibility (including nationwide rollout and +1-212-713 5000

Cash App Green), increasing loan sizes, and repeat usage, with performance

Holt Bashinsky

underpinned by stable credit trends and improving cohort behavior.