Block appoints Neha Narula to board of directors

Quick Take

Neha Narula, who has served as director of MIT Media Lab’s Digital Currency Initiative since 2017, also serves on the Federal Reserve Bank of New York’s Innovation Advisory Council.

Neha Narula, who has served as director of MIT Media Lab's Digital Currency Initiative since 2017, joined the board of payments company Block.

Narula was previously a software engineer at Google, the company said in an 8-K filing on Thursday. She also serves on the Federal Reserve Bank of New York's Innovation Advisory Council.

“I've long admired Block's focus on building simple, cohesive products that empower people and communities to participate in the financial system,” Narula said in a statement. “We share core values around the power of open source software and the ability for open protocols to transform the way people move money. I'm honored and excited to join Block's board of directors and contribute to the company's purpose of economic empowerment.”

Narula joins Block founder Jack Dorsey as well as Shawn "JAY-Z" Carter on the payments company's board.

'Scaled systems to move money'

“Neha’s passion for building intuitive, scaled systems to move money across the Internet efficiently fits into our company’s purpose, and we’re excited to have her join our team," Dorsey said.

Block enjoyed an earnings beat in May, posting a rise in first quarter revenue with its retail payments application Cash App driving growth.

The firm's stock has picked up 17.2% since the beginning of the year.