Block’s latest quarter was a reminder that embedded lending is no side hustle anymore. While top‑line headlines fixated on guidance and mixed revenue trends, two things stood out for our world: Square Loans kept scaling originations, and Bitcoin revenue cooled from last year’s pace. Meanwhile, Shopify Capital posted a sizable quarter of its own, a competitive signal for platform‑native business funding.

Block released its numbers for Square Loans for Q1 and it was impressive.