Block could scrap Cash App launch in Australia after layoffs, cost-cutting drive
Former staff believe the Square and Afterpay owner may not proceed with plans to launch its financial super app in Australia.
US payments giant and Afterpay owner Block has bet big on creating a financial super app and exporting it around the world. But now its international ambitions are now under serious threat as it turns inward, slashing more than 1,000 jobs and implementing a global hiring freeze.
Block's Cash App product, which integrates banking and payments features alongside the ability to trade stocks and bitcoin, has been one of the company's key strategic priorities. The service has been rolled out in the US and UK, with the company repeatedly stating intentions to also launch it in Australia.
But former Block staff laid off as part of the 1,000 job cuts it announced last week believe the launch in Australia may not go ahead at all.
The former employees spoke to Capital Brief on the condition of anonymity because they had signed non-disclosure agreements (NDAs).
