cash.me/uk. Cash App features free peer-to-peer money transfer—making it an easy way to send and receive money between UK bank accounts—and customers receive the funds into their bank in minutes. Similar to the U.S., we see an opportunity in the UK to expand the suite of financial services we offer individuals. As we’ve seen in other markets, Square is growing in communities outside urban centers: More than three-quarters of active Square sellers in the UK are outside London. As more than half of UK bank branches have closed 3 people are underserved by the financial system, particularly in since 1989, areas like Holywell, Wales. Philip Jones owns a computer store in Holywell and stopped accepting cards in 2014 because of the fixed monthly fees UK Cash App he incurred (even if he did not process card payments during the month). However, with only one bank branch remaining in the town, he was no Active sellers are those who have longer able to effectively run his business as cash only. With Square’s processed 5+ payments in the last 12 months. affordable hardware and transparent pricing, Philip was able to accept cards again. We will continue to provide access to tools to empower people to participate and thrive in the economy. FINANCIAL DISCUSSION: Gross Payment Volume (GPV) In the first quarter of 2018, we processed $17.8 billion in GPV, up 31% year over year. This was consistent with 31% year-over-year growth in the fourth Holywell, Wales quarter of 2017, highlighting continued growth at scale. We continue to see strength from larger sellers. In the first quarter of 2018, GPV from larger sellers grew 44% year over year and accounted for 47% of total GPV, up from 43% of total GPV in the first quarter of 2017. Revenue Total net revenue was $669 million in the first quarter of 2018, up 45% year over year. This includes $34 million of bitcoin revenue as we fully launched the ability to buy and sell bitcoin in the Cash App in January. Excluding bitcoin revenue, total net revenue was $635 million, up 37% year over year. 6