FinTech App Recap 3Q22

Key Takeaways:

• CashApp saw strong user growth in 3Q22, registering more than 51mn MAUs in 3Q22 (+9 % YoY) per Sensor Tower estimates, largely by way of its extensive offerings (ranging from stock and crypto transactions to traditional direct deposits to the popular Cash App Card)

• Shares of PayPal fell more than 7% after the company provided lower 4Q revenue guidance on expectations of a weaker holiday shopping season, as consumers continue to be pressured by inflation

  • Per Sensor Tower estimates, MAUs on PayPal and Venmo in 3Q22 were +4% and -4% YoY, respectively

• Per Sensor Tower Power User Curve data, CashApp users are more loyal than Venmo and PayPal : 8% of CashApp users opened the app everyday in 3Q22 compared to 3% on Venmo and 1% on PayPal

• Active users on all three major BNPL apps continue to climb: 3Q22 MAUs on Klarna, Afterpay, and Affirm up 39%, 19%, and 81% YoY, respectively.

• Running in place? Affirm lowers fiscal guidance in part due to underperformance of Peloton

  • Gross Merchandise Volume associated with Peloton accounted for 2% of Affirm’s total in FQ1’ 23 vs 23% and 18% in FY’ 20 and FY’ 21 per Affirm’s earnings call

• Per Sensor Tower estimates, 3Q22 installs and DAUs of the Peloton app were down 10% YoY (-3% QoQ) and -6% YoY (-5% QoQ), respectively, as the fitness subscription company grappled with an inflationary-pressed consumer and elevated levels of inventory

For more information, request the full report from reports@sensortower.com.