Venmo is a mobile payment company launched in 2009 and acquired by PayPal in 2012. The app is designed for friends and family to share expenses, whether they are going to the movies, eating out, renting a house, or attending an event.
Money can be transferred using a mobile app; it is only available to United States residents. Over 159 billion dollars were handled in transactions by the app in 2020.
Venmo Net Worth
Venmo generates revenue of more than $900 million annually, and it is worth $38 billion.
Iqram Magdon-Ismail and Andrew Kortina founded Venmo, and they met as freshmen at the University of Pennsylvania. Initially, Kortina explains, they were driven to develop a transactional solution during the process of setting up a friend’s yogurt shop, the duo “realized how horrible traditional point of sales software was”.
During a local jazz concert, Magdon-Ismail and Kortina imagined the possibility of purchasing an MP3 of a show via SMS. Later, the idea became a reality after Magdon-Ismail forgot to take his wallet when visiting Kortina.
It was difficult to settle their debt, as opposed to making mobile payments. They soon began working on a mobile money transfer system. It began as a text-messaging-based prototype, which eventually evolved into a smartphone application.
RRE Ventures invested $1.2 million in the startup in 2010. Braintree acquired the company in 2012 for $26.2 million. A year later, PayPal acquired the company for $800 million. Currently, Venmo is used by more than 50 million Americans.