Block's AUD$3M Investment Boosts Indigenous Business Sector in Australia

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Block, Inc. (NYSE: SQ), formerly known as Square, Inc., has made a significant investment in Australia's Indigenous business sector. The global technology company, renowned for its Square and Afterpay services, has committed AUD$3 million to a new fund established by First Australians Capital (FAC). This investment marks Block's first social impact investment in Australia and is a part of its broader USD$100 million social impact investment fund.

FAC: Empowering Indigenous Businesses

First Australians Capital, a national Indigenous-led fund manager, has been dedicated to aiding Indigenous entrepreneurs in overcoming financial barriers posed by mainstream banking services. Since its inception in 2016, FAC has been instrumental in supporting over 800 Indigenous entrepreneurs, leveraging more than AUD$70 million in capital to scale sustainable Indigenous businesses. FAC's new fund, bolstered by Block's investment, aims to expand critical support services to more Indigenous-led businesses across Australia.

A Commitment to Financial Inclusion

Jack Dorsey, Head of Block, expressed enthusiasm about this partnership, highlighting the alignment of both organizations in their commitment to financial inclusion. Block, with its diverse businesses including Square, Cash App, TIDAL, and TBD, shares a purpose of expanding economic access for all. This investment, drawn from Block's social impact fund, is intended to support minority and underserved communities globally.

Impact on Indigenous Entrepreneurs

The investment is a significant boost for the Indigenous business sector in Australia, which plays a crucial role in community and intergenerational wealth creation for First Australians. Brian Wyborn, Managing Partner at FAC,