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Source: ARK Disrupt Issue 101: November 20th, 2017 https://ark-invest.com/research/ark-disrupt-issue-101Follow @bhavanaARK on Twitter

SquareSQ is building a financial services ecosystem that empowers and delights its merchants and consumers. Partnered with merchants at every step of the selling process – including payments, invoices, and inventory management – Square is gathering data and gaining differentiated insights into their needs. As a result, it has created successful new products and services like “Square Capital” and “Square Cash”.

Square Cash is the peer-to-peer (P2P) payments service that is competing with PayPal’s Venmo in the US.  It has surpassed Venmo as the top ioS finance app and ranks in the top 50 of all ioS apps, as shown below.

Strong Growth in Square Cash App: Ranking Based on Number of Downloads

Chart from App Annie showing rankings from Jan 2016 to Oct 2017 ranking Square cash based on the number of downloads
Source: App Annie

Now, Square is testing a feature that will allow users to buy and sell bitcoin, proof positive that it is at the forefront of payments technology.  Square is validating bitcoin’s emerging role in the payments ecosystem and could become important to its mainstream adoption over the long term. Square Cash could serve as both a P2P interface and a wallet, separating account balances into crypto deposits and crypto savings.

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ARK’s statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. For a list of all purchases and sales made by ARK for client accounts during the past year that could be considered by the SEC as recommendations, click here. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. For full disclosures, click here.

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Fred Pye

Frederick T. Pye

CHAIRMAN, CHIEF EXECUTIVE OFFICER & DIRECTOR

Frederick T. Pye is the Chairman, Chief Executive Officer and Director of 3iQ Corp. He is also the Chairman and Director of 3iQ Digital Holdings Inc. Mr. Pye is recognized for creating and promoting creative and unique investment products for the investment industry.

Mr. Pye has managed private client portfolios with Landry Investment Management and various other investment dealers. Prior to this Mr. Pye was Founder, President & Chief Executive Officer of Argentum Management and Research Corporation, a company dedicated to managing and distributing quantitative investment portfolios including the first long-short mutual fund in Canada.

He was also Senior Vice-President and National Sales Manager of Fidelity Investments Canada and an integral part of the team that saw assets rise from $80 million to over $7.5 billion in assets under management during his tenure. He also held various positions with Guardian Trust Company, which listed the first Gold, Silver and Platinum Certificates on the Montreal Exchange.

Mr. Pye obtained a Masters in Business Administration from Concordia University.