Block is closing the Verse brand of the Cash App in the EU as well as its BNPL platform Clearpay in Spain, France, and Italy due to weak growth and lack of profitability.
During Block’s second quarter earnings call, Jack Dorsey made the announcement, citing the businesses’ “significant investment requirements” and the fact that “markets have not experienced the growth and profitability we had anticipated over the past several years.” Dorsey said they see an opportunity to shift these resources towards strategic areas that have a higher potential return on investment.”
P2P payments app in Spanish in 2020, Verse was purchased with the intention of bringing the enormous success of the Cash App to Europe.
