Cash App, the mobile payments division of Jack Dorsey’s Block, says it has made the “difficult decision” to exit the UK market, with plans to close down Cash App UK on 15 September 2024.
Block’s Cash App to exit UK in September
“We do not make decisions like this lightly, as we know they impact our customers, our partners, and our team members who have helped us build to where we are today,” the company writes in a statement on its website.
“As we navigate this change, customers can be assured that their funds remain safeguarded until withdrawn, even after our service closes,” it continues. “Our goal is to make this change as smooth as we can.”
The UK was the first international market to receive the peer-to-peer (P2P) payments app outside of the US when it was introduced in 2018.
In January this year, Block announced that its Cash App business would be subject to a number of staff redundancies across its global, marketing and commerce teams.
Then, in a letter posted to shareholders in February, Block stated it was revising its approach to focus on “growing within the US, not expanding into new markets”.
The statement on Cash App’s website reads: “In recent months, we have outlined our strategic approach for Cash App, which prioritises our focus on the United States, and deprioritises global expansion. All of our operations remain unaffected by this decision.”
Block’s shifting focus away from global expansion was also noted last year when the company revealed it was to shutter some of its European business operations in favour of “areas that have a higher potential return on investment”.
