Square, Inc. (NYSE:SQ) Q4 2019 Earnings Conference Call - Final Transcript
Feb 26, 2020 • 05:00 pm ET
system. And we're increasingly happy with the results. In 2019, we launched a lot of key products into our Seller ecosystem. The Square Card, Square Online Store, Order Manager, the Invoices app, Square Assistant and Appointments and Square Terminal in the U.K., Australia and Canada.
We also launched a number of new marketing campaigns around the world, our latest reaching an estimated eight million businesses and updated our U.S.-based pricing to 2.6% plus $0.10. Our products and developer platform are resonating with large sellers, too. As of Q4, 55% of our GPV was from larger sellers. Cash App launched a redesign for easier navigation and discoverability, boosted partnerships and equities investing. The investing feature has seen the fastest adoption of any product launched within the cash ecosystem. Cash App continues to exceed our expectations, consistently found in the top 15 free apps in the App Store and driving to 24 million monthly active customers as of December 2019, which is up from 15 million in December of 2018. The Cash Card is also at scale being used by over 20% of our monthly active customers.
The peer-to-peer transfers network continues to be our best acquisition channel as each person with an account brings in more folks just by sending or receiving money. Those new to the app then go on to discover Bitcoin, the Cash Card, Boost and Investing. It's a strong reinforcing model we don't see elsewhere. All this has given us a powerful foundation to build upon in 2020. We continue to find value in handling all the complexity a small or large seller or individual would face when working with the financial system. They come to and stay with Square because we're so fast, simple and comprehensive. We strongly believe investing in this model will continue to set us apart and grow the number of people we get to serve.
And with that, over to Amrita.
Thanks, Jack. Our results for the fourth quarter and full year 2019 highlight the momentum in our efforts to help existing customers grow to reach new customers and to build new products and services, economic empowerment for sellers and individuals. In the fourth quarter, excluding Caviar, total net revenue grew 46% and gross profit grew 42% year-over-year, exceeding our November guidance. For the full year, excluding Caviar, total net revenue grew 45% to $4.57 billion and gross profit grew 46% to $1.85 billion. We believe our results demonstrate that the strategic investments we are making are bearing fruit as we've continued to gain share while growing rapidly at scale. Turning to our Seller ecosystem.
In the fourth quarter, Seller generated $938 million of total net revenue and $379 million of gross profit, which increased 26% and 27% year-over-year, respectively. Seller delivered slightly higher gross profit growth in the fourth quarter compared to the third quarter. This was driven by broad-based performance. Let's examine some of the dynamics. First, as Jack mentioned, we changed the price of U.S. card-present transactions in the