Jack Dorsey's payments company Block expands corporate card service to the UK

Published On Oct 31, 2024, 2:48 AM

Block, the payments company founded by Jack Dorsey, has launched its corporate card service, Square Card, in the UK. This marks the first international expansion of the Square Card service, which was originally introduced in North America in 2019. The Square Card offers free corporate spending capabilities designed to provide faster access to funds for businesses. Competing against established UK banks and fintech players, Square aims to streamline expenses for small and micro businesses, particularly in an environment where cash flow issues are a significant challenge for these enterprises. The launch also occurs alongside changes in UK capital gains tax that some technology entrepreneurs find favorable.

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The expansion into the UK indicates Block's strategic growth plans and commitment to enhancing its product offerings in international markets. As the company competes with major banks and fintech firms, the availability of the Square Card could drive adoption among small and medium-sized enterprises, potentially increasing revenue and market share as businesses seek agility and simplified spending management.

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