Square Spends $20 to Acquire Each New Cash App User [The Motley Fool]
Block, Inc. Class A, (SQ)
Last block, inc. class a, earnings: 2/26 04:05 pm
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Source: The Motley Fool
Square Spends $20 to Acquire Each New Cash App User And that's a steal. Square 's ( NYSE:SQ ) Cash App has grown to become a meaningful contributor to the company's top-line growth. The peer-to-peer payments app turned financial multitool is the No. 1 driver of its subscription and services segment, management said at the J.P. Morgan Global Technology, Media and Communications Conference. During that conference, CFO Amrita Ahuja noted the company's per-customer acquisition cost for Cash App is about $20. That's actually quite low relative to other financial services, and even compared to other apps. Banks give out bonuses worth hundreds of dollars for customers willing to open a new checking account or credit card. Uber Technologies ( NYSE:UBER ) spent $3.2 billion on sales and marketing last year to grow active consumers by 23 million -- $137 each -- although some of that marketing spend goes toward attracting drivers too. Not only is Square attracting consumers at a relatively low
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