It later added Cash App, the buy-now-pay-later platform Afterpay and the music streaming service Tidal. "Our research shows Block has quietly fueled its profitability by avoiding a key banking regulation meant to protect merchants," Hindenburg reported. Dan Dolev, an analyst at Mizuho, the third-largest financial services company in Japan, agreed the report makes some good points, but said some arguments aren't as strong. "While the report makes valid arguments, such as the slowdown in inflows and sustainability of the instant deposit fees, which might increase regulatory scrutiny, other claims & risks around high, unregulated interchange fees and definition of monthly users are well known to investors," the analyst explained. "Other aspects of the report, like making inferences from songs or adding back SBC after SQ publicly shifted focus to include non-cash expenses in operating income, may hold less water … "…