Crypto Apps Generate Most Revenue Per User, Cash App Ranks Third – Tearsheet


In fintech, revenue does not depend on the number of users you onboard, but on the number of people who use your app to transact. Although average revenue per user (ARPU) does not necessarily indicate profitability, it is a good way to distinguish market leaders.

A study of Sort list explored the revenue generated by financial apps to find out how much, on average, each app earns per user. The results showed that crypto companies take the top two spots, followed by Cash App, which ranks third on the list.

The image below shows the top financial apps generating the most revenue per user:

Source: Sort list

In first place is FTX Global, a cryptocurrency exchange, which averages $850.83 per user. The FTX Global app allows users to buy, sell and trade cryptocurrencies. It operates multiple trading venues globally and has a combined average daily trading volume of $10 billion.

FTX is registered in the Bahamas and is the brainchild of Sam Bankman Fried. The company launched in 2019 and has amassed over $1.2 billion in revenue from a customer base of 1.2 million users. FTX US, its US subsidiary, operates on a limited basis in the United States due to the lack of regulatory clarity in the country.

In second place is Binance, another multinational cryptocurrency exchange. Binance has a total revenue of $20 billion and earns around $689.66 per user from a customer base of over 29 million account holders. The company was created by Changpeng ‘CZ’ Zhao in 2017 and is registered in the Cayman Islands.

During the 2021 bull run, Binance was responsible for $7.7 trillion of cryptocurrency trading volume. Like FTX, the lion’s share of Binance’s trading volume occurs outside of the United States. But, it operates in a limited capacity in the country under its subsidiary, Binance US.

In third place is Cash App, a mobile payment service owned by Block, earning an average of $279.66 per user. Cash App allows users to transfer money to each other using a mobile app. It also supports bitcoin transactions. In 2021, Cash App generated over $12.3 billion in revenue, 81% of which came from Bitcoin transactions.

Although it operates in the US and UK, the company has over 44 million users. Cash App, formerly Square Cash, was launched in 2013 by Twitter icon Jack Dorsey with other co-founders.

Other notable players making the top 10 list include Robinhood, Chime, and PayPal.

Robinhood, an investment app for the masses, comes in fourth. It collects around $113.25 per user due to its “payment-for-order-flowstrategy. Chime, America’s most popular neobank, ranks 7th, averaging $61.70 per user due to interchange fees. And finally, PayPal, a pioneer in digital payments, comes in at the 9th place, averaging $59.52 per user due to what some may consider high transaction fees.

Interestingly, all of the apps on the top 10 list rushed to make cryptocurrency services available to their customers, except for one, UK-based Starling Bank.

List of financial apps generating the most revenue per user

Source: Sort list

The study methodology used data from Business of Apps’ Application data to collect the latest download, usage, user and demographic statistics. Next, he calculated the total revenue per unique user by dividing the app’s overall revenue by its number of users.

The fintech app space is still expanding. According million ideasThe global financial apps market will reach $2 billion by 2028. The growth of the market is driving the growing demand for investment tracking apps from clients in emerging economies.

Source: million ideas


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