Precisely. Square has a sticky customer relationship with SMBs, a customer segment that has been tough to sell to because of high CAC and high churn. Now that Square owns this customer relationship, it is selling adjacent services to those customers and making more money over time (increasing LTV).
Square ecosystem partners will get replaced by Square directly over time; like how Twitter ate all its ecosystem partners with its own competitive offerings.
Square ecosystem partners will get replaced by Square directly over time; like how Twitter ate all its ecosystem partners with its own competitive offerings.