Cash App's Rapid Growth
Cash App has quickly caught up to Venmo, reaching over 30 million monthly active users during Q3, which could have potentially climbed up to 36 to 38 million MAU through Q4. Estimating that daily actives sat around 4 million for Q3 '19 (suggesting just over 22 million monthly actives on a share of 18%), monthly actives for Q3 at nearly 8 million and 23% share would estimate over 34 million MAU for Q3. Cash App continues to scale and see significant downloads, about 52 million for 2020, placing it at the sixth-most downloaded app in the U.S. over the course of the year.
SAN DIEGO – November 12, 2020 Applied Data Finance, LLC (ADF), a leading technology-enabled lender and asset manager, announced today that it has closed a $14.2 million capital raise led by existing investors. The capital was raised through the issuance of convertible notes that, at the purchaser’s election, can be converted into preferred stock of the company. The notes mature in July 2023.
Through its Personify Financial online lending platform, ADF provides unsecured personal loans to consumers often overlooked by traditional financial institutions. This new capital will drive ADF’s continued growth and allow the company to serve more underbanked individuals in need of straightforward, affordable loans.
“Finalizing this capital deal in a difficult economic environment demonstrates the strength of the platform and positions ADF to be successful in 2021 and beyond,” said Krishna Gopinathan, Co-Founder and Chief Executive Officer of ADF. “Our ability to select economically resilient consumers has enabled the creation of a solid loan book built to grow profitably in virtually any economy.”
Founded in 2014, ADF and its partner bank have together lent over $560 million to 160,000 consumers and has grown to almost 300 employees with offices in San Diego and Chennai, India.
Earlier this year, ADF ranked #8 on The Financial Times’ The Americas’ Fastest Growing Companies 2020 list and second overall in the Fintech category. Inc. Magazine also ranked ADF #345 on its annual Inc. 5000 list. These lists are considered the premier recognition of the most successful independent small businesses.
About Applied Data FinanceADF, through its Personify Financial brand, is the trusted financial partner for thousands of underestimated under-banked consumers. Combining state-of-the-art technology and world-class application of advanced data science and machine learning, ADF is setting a new standard for assessing non-prime borrower credit and fraud risk. Learn more at www.applieddatafinance.com and www.personifyfinancial.com.
ContactFor Applied Data Finance
Katie Killip +1 (212) 850 5620