Block's CFO explains Gen Z's surprising approach to money management
One stock recently impacted by a whirlwind of volatility is Block—the fintech powerhouse behind Square, Cash App, Tidal Music, and more. The company's COO and CFO, Amrita Ahuja, shares how her team is using new AI tools to find opportunity amid disruption and reach customers left behind by traditional financial systems. Ahuja also shares lessons from the video game industry and discusses Gen Z's surprising approach to money management.
Pentagon Pizza Index: The theory that surging pizza orders signal global crises
What is a fridge cigarette? The viral Diet Coke trend explained
5 signals that make you instantly more trustworthy at work
This is an abridged transcript of an interview from Rapid Response, hosted by Robert Safian, former editor-in-chief of Fast Company. From the team behind the Masters of Scale podcast, Rapid Response features candid conversations with today's top business leaders navigating real-time challenges. Subscribe to Rapid Response wherever you get your podcasts to ensure you never miss an episode.
This embedded content is not available in your region.
As a leader, when you're looking at all of this volatility—the tariffs, consumer sentiment's been unclear, the stock market's been all over the place. You guys had a huge one-day drop in early May, and it quickly bounced back. How do you make sense of all these external factors?
Yeah, our focus is on what we can control. And ultimately, the thing that we are laser-focused on for our business is product velocity. How quickly can we start small with something, launch something for our customers, and then test and iterate and learn so that ultimately, that something that we've launched scales into an important product?
I'll give you an example. Cash App Borrow, which is a product where our customers can get access to a line of credit, often $100, $200, that bridges them from paycheck to paycheck. We know so many Americans are living paycheck to paycheck. That's a product that we launched about three years ago and have now scaled to serve 9 million actives with $15 billion in credit supply to our customers in a span of a couple short years.
The more we can be out testing and launching product at a pace, the more we know we are ultimately delivering value to our customers, and the right things will happen from a stock perspective.
Block is a financial services provider. You have Square, the point-of-sale system; the digital wallet Cash App, which you mentioned, which competes with Venmo and Robinhood; and a bunch of others. Then you've got the buy-now, pay-later leader Afterpay. You chair Square Financial Services, which is Block's chartered bank. But you've said that in the fintech world, Block is only a little bit fin—that comparatively, it's more tech. Can you explain what you mean by that?
What we think is unique about us is our ability as a technology company to completely change innovation in the space, such that we can help solve systemic issues across credit, payments, commerce, and banking. What that means ultimately is we use technologies like AI and machine learning and data science, and we use these technologies in a unique way, in a way that's different from a traditional bank. We are able to underwrite those who are often frankly forgotten by the traditional financial ecosystems.
Our Square Loans product has almost triple the rate of women-owned businesses that we underwrite. Fifty-eight percent of our loans go to women-owned businesses versus 20% for the industry average. For that Cash App Borrow product I was talking about, 70% of those actives, the 9 million actives that we underwrote, fell below 580 as a FICO score. That's considered a poor FICO score, and yet 97% of repayments are made on time. And this is because we have unique access to data and these technology and tools which can help us uniquely underwrite this often forgotten customer base.
Yeah. I mean, credit—sometimes it's been blamed for financial excesses. But access to credit is also, as you say, an advantage that's not available to everyone. Do you have a philosophy between those poles—between risk and opportunity? Or is what you're saying is that the tech you have allows you to avoid that risk?
That's right. Let's start with how do the current systems work? It works using inferior data, frankly. It's more limited data. It's outdated. Sometimes it's inaccurate. And it ignores things like someone's cash flows, the stability of your income, your savings rate, how money moves through your accounts, or how you use alternative forms of credit—like buy now, pay later, which we have in our ecosystem through Afterpay.
We have a lot of these signals for our 57 million monthly actives on the Cash App side and for the 4 million small businesses on the Square side, and those, frankly, billions of transaction data points that we have on any given day paired with new technologies. And we intend to continue to be on the forefront of AI, machine learning, and data science to be able to empower more people into the economy. The combination of the superior data and the technologies is what we believe ultimately helps expand access.
You have a financial background, but not in the financial services industry. Before Block, you were a video game developer at Activision. Are financial businesses and video games similar? Are there things that are similar about them?
There are. There actually are some things that are similar, I will say. There are many things that are unique to each industry. Each industry is incredibly complex. You find that when big technology companies try to do gaming. They've taken over the world in many different ways, but they can't always crack the nut on putting out a great game. Similarly, some of the largest technology companies have dabbled in fintech but haven't been able to go as deep, so they're both very nuanced and complex industries.
I would say another similarity is that design really matters. Industrial design, the design of products, the interface of products, is absolutely mission-critical to a great game, and it's absolutely mission-critical to the simplicity and accessibility of our products, be it on Square or Cash App.
And then maybe the third thing that I would say is that when I was in gaming, at least the business models were rapidly changing from an intermediary distribution mechanism, like releasing a game once and then selling it through a retailer, to an always-on, direct-to-consumer connection. And similarly with banking, people don't want to bank from 9 to 5, six days a week. They want 24/7 access to their money and the ability to, again, grow their financial livelihood, move their money around seamlessly. So, some similarities are there in that shift to an intermediary model or a slower model to an always-on, direct-to-consumer connection.
Part of your target audience or your target customer base at Block are Gen Z folks. Did you learn things at Activision about Gen Z that has been useful? Are there things that businesses misunderstand about younger generations still?
What we've learned is that Gen Z, millennial customers, aren't going to do things the way their parents did. Some of our stats show that 63% of Gen Z customers have moved away from traditional credit cards, and over 80% are skeptical of them. Which means they're not using a credit card to manage expenses; they're using a debit card, but then layering on on a transaction-by-transaction basis. Or again, using tools like buy now, pay later, or Cash App Borrow, the means in which they're managing their consistent cash flows. So that's an example of how things are changing, and you've got to get up to speed with how the next generation of customers expects to manage their money.
This post originally appeared at fastcompany.comSubscribe to get the Fast Company newsletter: http://fastcompany.com/newsletters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hypebeast
an hour ago
- Hypebeast
Kering Hires New CEO & Francesco Risso Exits Marni in This Week's Top Fashion News
RenaultCEO Luca de Meo will take the helm atKering, following the announcement of Kering Chairman and CEO François-Henri Pinault's departure. Pinault had been leading the conglomerate, which ownsGucci,Bottega Veneta,Balenciaga,Dior, and more, for 20 years since 2005. The appointment brings optimism to Kering, where significant struggles have taken hold, particularly with its once-dominant brand, Gucci, experiencing steep declines in sales and profitability. The current chief executive of Renault will step down from his current role in mid-July, and he'll take over the luxury conglomerate on September 15. Meanwhile, Kering's current CEO, François-Henri Pinault, will maintain his role as Chairman of the Board of Directors. In a statement, de Meo said, 'I would like to thank François-Henri Pinault and the Board of Directors for choosing me to lead Kering into this new phase of development. I am approaching this new professional challenge with enthusiasm, eagerness, and confidence, inspired by the strength of the Group's brands and the expertise of its people. I am convinced that together we will continue to make Kering an essential player in the luxury industry.' After a decade,Francesco Rissohas stepped down as Creative Director ofMarni. Appointed in 2016, Risso significantly expanded upon founder Consuelo Castiglioni's legacy, bringing a craft-geared ethos and vibrant aesthetic to a new generation of luxury consumers. His distinctive chunky knitwear, bohemian florals, and collaborations with artists likeErykah Baduresonated strongly with Gen Z and Millennials. Risso's departure is part of a series of changes at parent company OTB Group, which owns brands like Diesel and Jil Sander. While Marni has not yet named a successor, speculation points to a potential return to a female perspective, with names likeMartine Rosebeing considered for her offbeat, colorful vision that aligns with Marni's distinct identity. Nikehas officially resolved its trademark dispute withThe Shoe Surgeon, settling the lawsuit initiated in 2024. The agreement includes an undisclosed payment from The Shoe Surgeon to Nike. Under the terms, The Shoe Surgeon is barred from using any Nike branding that might confuse consumers. However, he can continue creating unique custom sneakers, but only under conditions approved by Nike. In a statement to Sneaker Bar Detroit, the Shoe Surgeon expressed his aspiration to collaborate with 'legendary brands'. He also conveyed confusion regarding Nike's decision to pursue litigation over discussion, while expressing confidence that a resolution can be achieved through dialogue with Nike's new management. He emphasized that 'creating defines us' and that 'authenticity is stitched into our DNA,' concluding with 'Where there is unity, there is victory'. Children of the Discordancereturned toPitti Uomo108, showcasing an expressive collection of reworked garments inspired by defiant youth cultures and urban chaos. Designer Hideaki Shikama likened his design approach to DJing, focusing on remixed and 'chopped-and-screwed' sensibilities. The collection features fine tailoring in structured pieces like skirts and jackets, balanced with edgy elements such as patinated over-dye and deconstructed silhouettes. Patchwork suiting blends tonal fabrics, while dark fabric scraps are quilted into textiles for various garments. The 'discordance' concept is evident in halved garments sewn down the middle, including a Japanese souvenir jacket and a graphic football jersey. The presentation concluded with an unconventional bridal look made from crumpled t-shirts, adorned with a bejeweled cross on a hood-veil hybrid. Revealed at its FW25/26 presentation last January,Louis Vuittonhas launched the release of its highly-anticipated LV BUTTERSOFT sneaker, unveiling a versatile lineup of 24 colorways — including monogrammed pairs. Paying homage to the style of the 2000s hip-hop community,Pharrell's latest footwear design combines the luxury craftsmanship of a dress shoe with the comfortable silhouette of a retro sneaker. The special campaign spotlights the shoe's key design details, including an LV logo on the lateral panel and an embossed 'Phriendship silhouette' of Pharrell's face at the tongue. Furthermore, on the back of the shoe, an embossed lobster is an Easter egg detail calling back to Pharrell and Nigo's collaborative relationship. Crafted by Italian artisans with ultra-soft leather, the 'buttery' material gives the shoe a pillow-like quality. The elevated platform soles depart from the flat-soled footwear trends offered by luxury competitors like Miu Miu and Loewe. With a silhouette verging on appearing cartoon-like, the design echoes the Minecraft-esque pixelated motifs featured in Pharrell's earlier collections for the Maison. Telfaris celebrating its 20th anniversary with a unique 'New Models' series, airing as an hour-long special on June 18 at 8 p.m. ET. This innovative broadcast will feature contestants vying for a spot on Telfar's upcoming New York City runway show. Viewers can actively participate by voting live to select the winners. Described as a blend of game show and media experiment, the series will be available on TELFARTV, Telfar's self-owned public access platform. It challenges conventional modeling standards, aiming to redefine representation within the fashion industry by questioning who typically gets visibility.
Yahoo
an hour ago
- Yahoo
AI is changing the tech job market, and Gen Z is struggling to keep up
This post originally appeared in the BI Tech Memo newsletter. Sign up for the weekly BI Tech Memo newsletter here. As my daughter can attest, it's a tough job market out there. She's a mechanical engineer, which seems steady demand-wise. But many of her college friends are struggling to find that crucial entry-level job or internship. Some are wondering if computer science and similar courses were the right decision, with AI automating software tasks at companies. Just look at what's happening at Amazon. CEO Andy Jassy said this week that his corporate workforce will shrink over the next few years as the company uses more generative AI tools and agents. Not so coincidentally, Business Insider just spent weeks interviewing Gen Z tech job seekers as AI transforms early-career experiences across the industry. Our findings are a must-read for anyone looking to break in here and find success. Jonathan, a 26-year-old software engineer, is emblematic of what we discovered. (He's not authorized to speak to the media, so we removed his last name.) After earning his degree in 2022, he sent out nearly 300 applications and got 12 responses. It took three months to land a full-time tech role. Less than a year later, he lost that job due to his employer shutting an office. Then, he found himself repeating the process, this time applying to 600 jobs and hearing back from only five. "Everyone tells you to get into computer science. That's where all the money is at, that's where the jobs are at," Jonathan told BI. "It's a lot harder than they make it out to be." He's not alone. Recent computer science grads face a 6.1% unemployment rate in the US, higher than the national average. Wow. I never thought I'd see a stat like that. Jonathan now works in defense tech, not the video game industry he originally aspired to join. Like many of his peers, he's focused on gaining experience — any experience. It's looking like a tech career is evolving from a sure thing into something similar to every other type of job: You have to hustle and network to get your foot in the door, and then work like hell to stay employed and build steadily from there. What else should you do as an aspiring tech worker? Our Gen Z survey story doesn't have all the answers, but there's great advice in here. Read the original article on Business Insider
Yahoo
3 hours ago
- Yahoo
Angel Reese Sends Strong Message Following Exciting Announcement
Angel Reese Sends Strong Message Following Exciting Announcement originally appeared on Athlon Sports. While much of the spotlight is currently on the basketball court with the WNBA season in full swing, Chicago Sky forward Angel Reese continues to make a major impact off the court as well. Advertisement This week, Reese—partnering with Cash App—announced the unveiling of a custom-designed public basketball court at Oakwood Beach in Chicago. The vibrant court features a bold message: "This court is brought to you by your good friends Angel Reese and Cash App." Now in just her second season with the Sky, Reese has already become deeply involved in the local community. On Friday, ahead of Chicago's matchup against the Phoenix Mercury, she was asked about the court and the inspiration behind it. 'Obviously, I didn't know exactly what it was going to look like,' Reese said. 'I knew they were doing the court, and that's something I really emphasize—giving back to the community. Chicago has poured so much into me. They've done so many great things for me in just a year and a half, and I'm super happy to call this place home. I've had a lot of people send me selfies there. It's right by the water—people didn't even realize Chicago has water like that—but it's really nice. The feedback has been amazing.' Since entering the league, Angel Reese has expanded her brand beyond basketball, landing several high-profile partnerships. Among them, Cash App has been a key collaborator, but she's also inked deals with major brands like Hershey, Beats by Dre, McDonald's, and most notably Reebok, which is set to release her signature shoe in 2026. Advertisement Drafted seventh overall by the Chicago Sky in the 2024 WNBA draft out of LSU, Reese has been a consistent bright spot on a team still finding its footing. The Sky finished 13–27 last season and are off to a 3–8 start this year, but Reese's development has remained steady, solidifying her status as one of the league's brightest young stars. Chicago Sky forward Angel Reese (5).Kamil Krzaczynski-Imagn Images Currently, she stands as the WNBA's only player averaging a double-double, with 11.0 points, 11.7 rebounds, 3.6 assists, and 1.6 steals per game—positioning her well for what could be a second consecutive All-Star appearance. Related: Sky Coach Tyler Marsh Sends Clear Message to Kamilla Cardoso Amid Second Season This story was originally reported by Athlon Sports on Jun 20, 2025, where it first appeared.
