Fintechs like Block and PayPal are battling like never before to be your all-in-one online bank
Jack Dorsey, co-founder of Twitter Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Jack Dorsey’s Block got started as Square, offering small businesses a simple way to accept payments via smartphone. Affirm began as an online lender, giving consumers more affordable credit options for retail purchases. PayPal upended finance more than 25 years ago by letting businesses accept online payments.
The three fintechs, which were each launched by tech luminaries in different eras of Silicon Valley history, are increasingly converging as they seek to become virtual all-in-one banks. In their latest earnings reports this month, their lofty ambitions became more clear than ever.
Block was the last of the three to report, and the high-level numbers were troubling. Earnings and revenue missed estimates, sending the stock down 18%, its steepest drop in five years. But to hear Dorsey discuss the results, Block is successfully implementing a strategy of offering consumers the ability to pay businesses by smartphone, send money to friends through Cash App, and access credit and debit services while also getting more ways to invest in bitcoin.
“In 2024, we expanded Square from a payments tool into a full commerce platform, enhanced Cash App’s financial services offerings, and restructured our organization,” Dorsey said on Block’s earnings call on Thursday after the bell.
Block and an expanding roster of fintech rivals have all come to see that their moats aren’t strong enough in their core markets to keep the competition away, and that the path to growth is through a diverse set of financial services traditionally offered by banks. They’re playing to an audience of digital-first consumers who either didn’t grow up using a brick-and-mortar bank or realized at an early age that they had no need to ever set foot in a physical branch, or to meet with a loan officer or customer service rep.
“Longer term, we see a significant opportunity to grow actives, particularly among that digital-native audience like Millennial and Gen Z,” Block CFO Amrita Ahuja said on the earnings call.
As part of its expansion, Block has encroached on Affirm’s turf, with an increasing focus on buy now, pay later (BNPL) offerings that it picked up in its $29 billion purchase of Afterpay, which closed in early 2022. Block’s market share in BNPL increased by one point to 19%, while Affirm held its position at 17%, according to a recent report from Mizuho. Both companies are outperforming Klarna in BNPL, the report said.
Block’s BNPL play is now tied into Cash App, with an integration activated this week that gives users another way to make purchases through a single app. With Cash App monthly active users stagnating at 57 million for the last few quarters, the company is focused on engagement rather than rapid user acquisition.
“We think that there is significant opportunity for growth longer term, but there are some deliberate decisions we’ve made as part of our banker-based strategy in the near term” that have kept user numbers from increasing, Ahuja said. “This is a part of our continuous enhancements to drive healthy customer engagement as we bank our base.”
Compared to Block, Wall Street had a very different reaction to Affirm’s earnings earlier this month, pushing the stock up 22% after the company’s results sailed past estimates.
Affirm founder and CEO Max Levchin, who was previously a co-founder of PayPal, built his company with the promise of giving consumers lower-cost and easy-to-tap intstallment loans for purchases like electronics, jewelry and travel.
The BNPL battlefront
In its latest earnings report, Affirm posted a 35% increase in gross merchandise volume to $10.1 billion. Revenue surged 47% to $770 million, while its active consumer base grew 23% to 21 million.
Beyond BNPL, Levchin has pushed Affirm into debit with the Affirm Card, which now has 1.7 million active users, up 136% year-over-year.
“Anything we can do to personalize the experience, to give people a chance to feel like this is the best alternative they have to their debit or their credit card is what we’re busy with,” Levchin said on the earnings call. He said the goal is to get the card to 20 million users, spending on average $7,500 per year.
Affirm is also partnering with FIS to bring its debit card functionality to traditional banks.
Levchin left PayPal in 2002, after the company was acquired by eBay. It was a decade before he’d start working to help popularize the modern day BNPL market.
Now his former employer, which spun back out from eBay in 2015, is in on the BNPL game.
Under the leadership of CEO Alex Chriss, who took over the company in September 2023, PayPal is in the midst of a turnaround that involves working to better monetize products like Braintree and Venmo and joining the world of physical commerce with a debit card inside its mobile app.
Investors responded positively in 2024, pushing the stock up almost 40% after a brutal few years. But the stock dropped 13% after its earnings report, even as profit and revenue were better than expected. PayPal’s total payment volume for the quarter hit $437.8 billion, slightly below projections, while transaction margins rose to 47% from 45.8% — a sign of improving profitability.
One of Chriss’ big pushes is to get more out of Venmo, which has long been a popular way for friends to pay each other but hasn’t been a big hit with businesses. Venmo’s total payment volume in the quarter rose 10% year-over-year, with increased adoption at DoorDash, Starbucks, and Ticketmaster.
PayPal is also promoting Venmo’s debit card and “Pay With Venmo,” which saw 30% and 20% monthly active growth in 2024, respectively. The company is introducing new services to improve merchant retention, including its Fastlane one-click checkout feature, designed to compete with Apple Pay and Shopify’s Shop Pay.
Last year, the company launched PayPal Everywhere, a cashback-driven initiative designed to boost engagement within its mobile app. Chriss said on the earnings call that it’s “driving significant increases in debit card adoption and opening new categories of spend.”
As with virtually all financial services products, the new offerings from Block, Affirm and PayPal are designed to produce growth but not at the expense of profit. Banks operate at low margins, in large part because there’s so much competition for lower-priced loans and better cash-back options. There’s also all the costs associated with underwriting and compliance.
That’s the environment in which fintechs have to operate, though without the costs of running a network of physical branches.
Levchin talks about helping customers spend less, not more. And Block acknowledges the need for hefty investments to reach the company’s desired outcome.
“This is a part of our continuous enhancements to drive healthy customer engagement as we bank our base,” Ahuja said. “We’ve made investments in critical areas like compliance, support and risk. And as we’ve done that, we’ve progressed more of our actives through our identity verification process, which in turn, unlocks greater access to those actives to our full suite of financial tools.”
Another Cadillac EV has earned the iconic “V” badge. The 2026 Cadillac Optiq-V is a new entry-level sports electric vehicle (EV) with over 500 horsepower, sporty styling both inside and out, and additional upgrades. It’s also GM’s first vehicle with a built-in NACS port, unlocking access to Tesla Superchargers.
Cadillac unveils 2026 Optiq-V EV prices and specs
Cadillac is back! The luxury brand is coming off its best quarter since 2008, but with a full lineup of electric vehicles rolling out, Cadillac expects to gain even more traction later this year.
After introducing the Lyriq-V earlier this year, we are now getting a look at Cadillac’s second EV to earn the brand’s performance trademark.
Cadillac revealed the 2026 Optiq-V on Monday, an upgraded, sportier version of the new entry-level electric SUV. The new V model boasts 519 hp and 650 lb-ft of torque in Velocity Max mode, good for a 0 to 60 mph sprint time of 3.5 seconds.
GM confirmed Cadillac’s new Optiq-V will be its first vehicle with a built-in NACS charging port, enabling access to Tesla’s Supercharger network.
The Optiq-V features a dual-motor AWD powertrain and 85 kWh battery pack, which Cadillac estimates will provide 275 miles range.
Like Cadillac’s other performance vehicles, the new EV includes added features and tech, including V-Mode, which GM promises “takes performance customization further” with variant modes and settings.
When using V-Mode, a Launch Control feature is available, designed for straight-line takeoffs. You can also take advantage of GM’s Super Cruise hands-free ADAS system as standard.
The exterior is upgraded with a new front-end design, featuring a V-pattern mesh on the lower grille, a high-gloss black front splitter, and colored trim.
For the carbon fiber fans out there, GM offers a package that adds a carbon fiber front splitter, rear diffuser, and rear mid-spoiler. Other V-Series badges are added on the rear doors, liftgate, and driver’s side grillette.
The V model will be offered in two new limited-edition colors: Magnus Metal Frost, a matte metallic grey with warm highlights, and Deep Ocean Tintcoat.
A 33″ LED infotainment system sits at the center of the interior with Google built-in. You can choose from two palette options: Noir with Santorini Blue accents, and Noir and Sky Cool Gray with Santorini Blue accents.
If you really want to get fancy, there’s an optional palette featuring a Santorini Blue seatback panel and Santorini Blue seatbelt.
The Optiq-V features a darker colored pattern with Santorini Blue accent stitching, while V-Series badging is added on the steering wheel, sill plate, and floor mats.
| 2025 Cadillac Optiq trim | Starting Price (including destination) |
Driving Range (EPA-estimated) |
| Luxury 1 | $54,390 | 302 miles |
| Luxury 2 | $56,590 | 302 miles |
| Sport 1 | $54,990 | 302 miles |
| Sport 2 | $57,090 | 302 miles |
Following the 2026 Lyriq-V, the Optiq is the second Cadillac EV to earn the V-series treatment. The Optiq is Cadillac’s new entry-level electric SUV, starting at $54,390 with 302 miles range.
The new 2026 Cadillac Optiq-V model starts at $68,795, including destination. It will be sold in the US, Canada, Mexico, the Middle East, and Israel, with production set to begin in Fall 2025.
Measuring 190″ long, 75″ wide, and 65″ tall, the standard Cadillac Optiq is about the same size as the Tesla Model Y (187″ long x 76″ wide x 64″ tall).
If you can’t wait for the V-Series model, Cadillac is offering some sweet deals on the entry-level Optiq right now with leases starting at just $409 per month. Ready to check it out for yourself? We can help you get started. You can use our link to find 2025 Cadillac Optiq models at the best price at a dealer near you.
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Environment
Image leaks of Rivian’s 2026 R1T Quad Motor are starting to trickle in and we see NACS and teal
A couple of automotive influencers appear to have gotten access to the new 2026 Rivian R1T Quad Motor and shared some images. The posts showcase the new NACS charging port, a familiar exterior color, and new teal accents, including the calipers. See more below.
Recently, much of our Rivian coverage has been on the upcoming R2 model, which CEO RJ Scaringe has consistently teased. As an R1S owner, more of my coverage has pertained to that model and my day-to-day use, but we cannot forget about the R1T pickup.
This is Rivian’s other flagship model aside from the R1S. It remains just as popular for its utility, advanced features, and top safety status (seriously, I’m thinking about getting one of these as well). This model is currently available in a Dual Standard, Dual Motor, and Tri Motor variant, the latter of which we tested in the fall and were quite impressed.
A Quad Motor version of the Rivian R1T has also been in the works to arrive this year as a 2026 model. The past couple of days, we’ve seen evidence that the Quad Motor 2026 Rivian R1T is near market entry, as some early versions have made their way out to the media, including Jon Rettinger and Marques Brownlee, aka MKBHD.
The images above were posted to X by Jon Rettinger (@Jon4Lakers) on June 8 with the following caption:
Hey @Rivian, you know what’s a great hand in poker? Quads…
We see the 2026 R1T, complete with the long-promised quad motor configuration, featured in Rivian’s Launch Green, which, according to a separate post by Marques Brownlee, will be exclusive to the Quad Motor. RivianTrackr screenshot the images below from MKBHD’s video posted to X before he removed it shortly after posting.
In addition to the exterior color, other unique additions featured in Brownlee’s video include 22″ Ultra High Performance wheels, teal accents including the Rivian logo, the 2026 R1T Quad badge, and the brake calipers. There also appears to be some badge or decal of Rivian’s mascot, Gear Guard Gary.
Last but not least, we have a look at the NACS plug! Rivian has vowed to integrate the North American Charging Standard on all 2026 models and beyond, which appears to be the imminent beginning of that transition.
It’s unclear why MBKHD pulled his content, yet Jon Rettinger let his fly. It could be an images vs. video thing where impressions are still under embargo. Brownlee promised a full video review in the future so that we will keep an eye out for that. For now, we can enjoy these images, which at least relay that the 2026 Quad Motor Rivian R1T has reached the media and will soon be available to consumers.
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Environment
Kia’s PV5 is the first to use Hyundai ‘Pleos’ software as orders open in Korea at $35,000
Kia’s first electric van is finally here. Although it appears to be from the future, the PV5 boasts impressive interior space, a long driving range, advanced technology, and a range of features. It’s offered in a variety of different configurations, including an upcoming refrigerated truck, a light camper, and a luxury “Prime” model. With orders opening in Korea this week, we are learning a little more about what to expect from the Kia PV5 before it rolls out globally.
Kia opens PV5 orders, reveals range and prices in Korea
The PV5 marks the launch of Kia’s “game-changing” Platform Beyond Vehicle (PBV) business, unveiled at CES 2024.
Based on Hyundai’s new E-GMP.S EV platform, the electric van can be custom-tailored for different uses. The first two models, the PV5 Passenger and Cargo, are designed for personal and business use. You can take it camping, use it as a daily driver, load it with cargo for delivery, and much more.
The Passenger model is available in five-seater or 2-3-0 configurations, while the Cargo is offered in three different variations, depending on the amount of space or load capacity required.
With a wheelbase of 2,995 mm, Kia’s electric van (Passenger) is about the same size as the European-spec Volkswagen ID.Buzz (2,998 mm).
For the first time, the rear seats of the five-seater models feature a new “fold & dive” function, providing up to 2,310 liters of space.
Powered by a 71.2 kWh battery, Kia’s passenger electric van offers a range of up to 358 km (222 miles). The Cargo version is available with either a 51.5 kWh or 71.2 kWh battery pack, providing a range of 280 km (174 miles) and 377 km (234 miles), respectively.
Using a 350 kW charger, the PV5 (Passenger and Cargo models) can recharge from 10% to 80% in about 30 minutes.
The interior is equipped with Hyundai’s new tech and software, including “Pleos Fleet.” The PV5 electric van will be the first to feature the new vehicle control software, promising to cut business costs while improving efficiency.
Hyundai Motor Group and 42dot have developed a new end-to-end software platform that integrates everything from the infotainment system to the vehicle’s operating system and the cloud, enabling seamless connectivity.
The new software stack will also be used in Hyundai’s upcoming “Pleos” brand, starting in Q2 2026. By 2030, Hyundai Motor, including Kia and Genesis, plans to launch over 20 million vehicles with the next-gen OS.
Kia’s electric van also features a 12.9″ navigation screen at the center with a “PBV-exclusive” Android Auto-based OS (AAOS) infotainment system.
The new split-screen display enables you to use navigation, music, and other apps simultaneously. As one of the first Hyundai Motor vehicles with an App Market, you can also now choose from a number of third-party apps to install.
Kia is opening PV5 orders in Korea on Tuesday, June 10, starting at 47.08 million won ($34,700). That’s for the Basic and Plus Models, before the electric vehicle tax credit. With the EV tax credit and government subsidies, Kia expects the Passenger van can be purchased in the “mid to late 30 million won range,” or about $25,000 to $30,000
The Standard and Basic Cargo models start at 42 million won ($31,000), while the Long Range Cargo variants cost 44.7 million won ($33,000). With subsidies, Kia expects the Cargo variant will be available for as low as the “mid to late 20 million won range,” depending on the region.
Kia plans to launch several more variants shortly, including a chassis cab, open bed, light camper, luxury “prime” passenger, refrigerated truck, and sliding truck models.
The Korean launch follows Kia opening PV5 orders in the UK on May 1, starting at £32,995 ($44,000). It’s also available in Passenger and Cargo models with various configurations.
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