Downloads of Square’s Cash App are pulling further ahead of Venmo, according to research by Instinet. While the fintech firms’ apps each get installed on millions of phones every month, a sizable chunk of Square’s growth appears to come from lower-income customers on the margins of traditional finance.
Square caught up to PayPal-owned Venmo last year and has been pulling ahead since, according to Instinet brokerage analysts Dan Dolev and Conan Leon. Square has registered 56.1 million cumulative downloads, 6.4 million more than Venmo as of June—the biggest gap recorded between the two so far.