Cash App overtakes PayPal once app users are counted, Similarweb report finds
Similarweb's report finds that Cash App has overtaken PayPal in total users when combining web and app data, with 18 million new users in the past year. Chime, Klarna, and SoFi also saw significant growth. The report highlights the importance of tracking both web and app engagement for a complete picture of the financial services market.
How this was made
The 30-second read
Why it matters
The new ranking reshapes competitive dynamics, especially for payment and transfer services.
Market read
First‑time disclosure of user‑base shifts among major U.S. fintechs, indicating a competitive re‑ordering.
What to watch
Potential regulatory scrutiny on fintech data usage could temper optimism.
Background
The report combines web and app traffic to reassess digital engagement across 47 U.S. financial services brands.
Ticker impact
PayPal fell to second place in the Sameweb ranking after losing users.
potential downside as market reacts to declining user base.
First disclosure of a slip in audience size, indicating competitive pressure.
SoFi grew roughly 35% in user base according to the report.
potential slight rally on fresh user‑growth data.
User growth is disclosed for the first time but lacks scale to drive major moves.
Market effects
Highlights accelerating shift to app‑first strategies in payments, pressuring traditional web‑centric players.
U.S. fintech landscape sees intensified competition among app‑based providers.
Signals broader industry trend that may affect global digital‑banking valuations.
Counterpoint
User growth may not translate into revenue if monetization remains weak.
Key entities
- companyBlock (Cash App)
Fintech platform whose Cash App now leads in digital engagement.
- companyPayPal
Payments giant that slipped to second place.
- companyChime
Neobank showing rapid user growth.
- companySoFi
Online lender with notable user increase.
