World Stock Watch

Block’s Square Card Takes on Big Incumbents in the UK

Expanding Horizons

In a bold move, Block, the payments company founded by tech mogul Jack Dorsey, has launched its corporate card service in the UK. This marks the first time Square, Block’s business-focused payments arm, has expanded its business card offering beyond North America, where it debuted in 2019.

Speed and Convenience

Square Card, a free business spending card, aims to revolutionize the way merchants manage their daily expenses. By reducing the time between sales and fund availability, merchants can enjoy faster access to their money. This innovative approach sets Square Card apart from established players like American Express and Citigroup.

Meeting Merchant Needs

Samina Hussain-Letch, Executive Director of Square UK, emphasized that the launch of Square Card in the UK is designed to address the unique needs of small and micro businesses. According to internal research, these businesses prefer consolidated funds and real-time access to their money. Hussain-Letch cited The Vinyl Guys, a UK-based vehicle branding and signage printing shop, as an early adopter of Square Card, highlighting the benefits of instant fund access in helping small businesses thrive.

Competing in a Crowded Market

Square Card will face stiff competition from local banking giants like Lloyds and NatWest, as well as well-funded European fintech players like Pleo, Payhawk, and Spendesk. However, with its innovative approach and user-friendly features, Square Card is poised to make a significant impact in the UK market.

Personalized Spending Cards

Merchants can customize employee spending cards with signatures and business branding, providing an added layer of professionalism. Once onboarded, employees can use their cards within their digital wallet apps, enjoying seamless transactions without monthly fees, maintenance fees, or foreign exchange fees.

A Timely Investment

Block’s investment in the UK comes at a critical time, as the country seeks to establish itself as a hub for global technology businesses. Despite concerns over the government’s taxation changes, entrepreneurs are optimistic about the potential for growth and innovation in the UK.