Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
SAN FRANCISCO - Cash App, backed by a parent company with a robust $48.15 billion market capitalization, announced Tuesday the launch of its new "pools" feature, designed to streamline group payment collection without requiring one person to front the entire cost.
The new functionality allows users to create dedicated payment pools where multiple contributors can chip in using Cash App, Apple Pay, or Google Pay. Organizers can name the pool, set a target amount, and track contributions in real time.
According to Cash App, the feature addresses a common financial behavior, as their market research indicates 60% of U.S. adults participate in some form of group money pooling.
"With pools, our customers now have a dedicated, easy-to-use solution for group payments: they can start a pool to collect the money in seconds, and then instantly transfer the funds to their Cash App balance when it’s time to pay," said Cameron Worboys, Head of Product Design at Cash App, in a press release statement.
The pools feature is currently available to a select group of Cash App customers, with plans for broader availability in the coming months.
To create a pool, users navigate to the Cash App payment tab, where they can set up and name a pool, establish a target amount, and invite contributors via their $cashtag or by sharing a link. Once complete, organizers can close the pool and transfer collected funds to their Cash App balance.
Cash App, which reports having more than 57 million monthly active users and generates nearly $24 billion in annual revenue, indicated this launch represents the beginning of expanded social money management features planned for the platform. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 2.27, supporting its aggressive feature expansion strategy.
Banking services associated with Cash App are provided by the company’s bank partners, with prepaid debit cards issued by Sutton Bank, Member FDIC. InvestingPro analysis suggests the company is currently undervalued, with a GOOD Financial Health Score and strong growth potential. Discover more detailed insights and 10+ additional ProTips about Cash App’s parent company through InvestingPro’s comprehensive research reports.
In other recent news, Block Inc. is set to join the S&P 500 index, replacing Hess Corp following Chevron’s acquisition of Hess. This change, effective before trading begins on July 23, has prompted significant interest from investors. In response to this development, both Bernstein and JPMorgan have raised their price targets for Block to $90, with Bernstein maintaining an Outperform rating and JPMorgan an Overweight rating. The inclusion in the S&P 500 is expected to attract long-only investor interest, which has been previously lacking. Additionally, Block’s Cash App has entered a new partnership with actor Timothée Chalamet, marking his first collaboration with a financial services platform. The campaign includes a commercial currently airing in U.S. movie theaters. These developments highlight recent strategic moves and increased visibility for Block in the financial market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.