Block, PayPal & Affirm Are Fighting for Your Wallet

Dear Reader,

The competition among fintech giants is heating up, and it’s no longer just about digital payments. Block, PayPal, and Affirm are all making aggressive moves to become your primary financial provider, offering everything from debit cards and loans to investing and in-store payments.

For years, these companies thrived in separate corners of fintech. Block’s Cash App made banking mobile, PayPal pioneered online payments, and Affirm led the buy now, pay later (BNPL) trend. But now, they’re all converging, racing to build a complete financial ecosystem that could replace your traditional bank.

Block’s latest push ties its buy now pay later services into Cash App, allowing users to split payments directly through the app. But despite its ambition, Wall Street wasn’t impressed, Block’s stock plunged 18% after earnings as concerns grew over slowing user growth.

Meanwhile, Affirm is surging. CEO Max Levchin says his company is no longer just a BNPL service, but a full banking alternative. Affirm’s debit card usage skyrocketed 136%, and the company’s revenue jumped 47%. Levchin’s goal? To make Affirm the preferred way to pay, whether online or in-store.

Even PayPal, the fintech original, is reinventing itself. It’s turning Venmo into a banking powerhouse, integrating debit cards, merchant payments, and cashback rewards to stay competitive. But while PayPal’s earnings were solid, its stock still fell 13%, as investors worried about slowing transaction growth.

So what’s really happening here? The fintech world is shifting. Instead of offering one service, these companies want to own the entire financial experience. Whether it’s paying bills, taking out a loan, or shopping online, fintechs are positioning themselves to handle everything, without the need for a traditional bank.

The future of finance is changing fast.

Are you ready?

Stay informed.

Street Fin Gazette