According to Bloomberg, Foresight News reports that Jack Dorsey's Block Inc. plans to expand its lending business to broaden credit service channels. Since 2013, Block has issued over $100 billion in credits globally through its loan products. Its credit products include small business loans through the Square point-of-sale system, consumer loans via its Cash App remittance service, and buy-now-pay-later loans through Afterpay (a service it acquired in 2022).
Block plans to expand its lending scope while reducing losses, targeting customers typically referred to as "credit invisible" or "unscorable credit," meaning individuals without credit records or insufficient credit history to be scored by traditional credit institutions like Equifax Inc., Experian Plc., and TransUnion LLC. The company stated in a statement that young professionals who do not frequently use credit cards could be target customers for Block's credit products.
