May 16, 12:34 PM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Adam Levy 05/16/19 AT 11:54 AM Square’s (NYSE:SQ) Cash App has grown to become a meaningful contributor to the company’s top-line growth. The peer-to-peer payments app turned financial multitool is the No. 1 driver of its subscription and services segment, management said at the J.P. Morgan Global Technology, Media and Communications Conference.During that conference, CFO Amrita Ahuja noted the company’s per-customer acquisition cost for Cash App is about $20. That’s actually quite low relative to other financial services and even compared to other apps. Banks give out bonuses worth hundreds of dollars for customers willing to open a new checking account or credit card. Uber Technologies (NYSE:UBER) spent $3.2 billion on sales and marketing last year to grow active consumers by 23 million — $137 each — although some of that marketing spend goes toward attracting drivers too.Not only is Square attracting consumers at a relatively low price, but it’s also growing quickly. The number of users doubled in 2018, reaching 15 million by the end of the year. If Square can continue attracting users at this rate — in terms of both growth and acquisition cost — it should be able to make a… Read full this story
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