A popular American peer-to-peer mobile payment app is to exit the UK market six years after launching.
Cash App, owned by Twitter founder Jack Dorsey’s Block, allows users to transfer money to one another directly.
It has over 50 million monthly active users around the world and around $15 billion in annual revenues.
“We do not make decisions like this lightly, as we know they impact our customers, our partners, and our team members who have helped us build to where we are today,” Cash App said in a statement.
“In recent months, we have outlined our strategic approach for Cash App, which prioritises our focus on the United States, and deprioritised global expansion. All of our operations remain unaffected by this decision.”
The UK service will close on 15th September.
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“We are grateful to all of our customers and partners who have supported us over the years, and we are committed to making this transition as smooth as possible,” it continued.
“All Cash App UK account holders will receive a communication today to let them know of this change, and we will continue to update customers in the coming weeks about what changes they can expect and what actions they need to take.
“As we navigate this change, customers can be assured that their funds remain safeguarded until withdrawn, even after our service closes. Our goal is to make this change as smooth as we can.”