Venmo boasts of 40 million users, claims parent company PayPal
Category: #headlines  | By Mateen Dalal  | Date: 2019-04-26 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Venmo boasts of 40 million users, claims parent company PayPal

The leading American operator of online payments, PayPal, has reportedly disclosed that its subsidiary mobile payments service platform, Venmo, currently holds a user base of around 40 million.

The US-based company has revealed this metric for the first time for its millennial-focused, peer-to-peer application Venmo. The total payments volume of Venmo is said to have grown by about 73 per cent year after year up to $21 billion, in the first quarter, and the online platform is on its way to rise up to $300 million in revenue by this year’s end, as stated by PayPal’s CEO Dan Schulman. For the record, Square, which is a rival to the company, has recently reported around 15 million monthly active users as of December for its Cash App.

Dan Schulman was further quoted saying that it’s been a tremendously great beginning to the year for the company, with robust growth in revenue, net new active accounts and engagement throughout its platform. The company now has around 277 million customer accounts that include more than 40 million active Venmo accounts and over 22 million merchant accounts, Schulman claimed, adding that PayPal is confident about its 2019 targets that it had outlined in the last quarter.

Sources familiar with the matter cited that Venmo has recently announced collaborations with GrubHub, Chipotle and Uber, along with other merchants. These partnerships are apparently intended for the growth in revenue that the app can bring about. The finance application is also known for its operations similar to a social network, as it allows users to comment on payments and have a look at what their friends are spending on. Venmo was originally purchased for $26 million by BrainTree, which later got acquired by PayPal, added sources.  

Bill Ready, Chief Operating Officer, PayPal, commented that the company is delighted with Venmo’s monetization and rate of progression.

Source Credits: https://www.cnbc.com/2019/04/24/venmo-has-40-million-users-paypal-reveals-for-first-time.html

https://www.zdnet.com/article/paypals-venmo-now-has-40-million-active-accounts/

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal     twitter

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More..

More News By Mateen Dalal

NEA AND SLA SIGN MOU TO SHARE GLOBAL NAVIGATION SATELLITE SYSTEM (GNSS)-DERIVED MOISTURE DATA FOR WEATHER MONITORING APPLICATION

NEA AND SLA SIGN MOU TO SHARE GLOBAL NAVIGATION SATELLITE SYSTEM (GNSS)-DERIVED MOISTURE DATA FOR WEATHER MONITORING APPLICATION

By Mateen Dalal

Singapore, 2 August 2022 – The National Environment Agency (NEA) and the Singapore Land Authority (SLA) have signed a Memorandum of Understanding (MOU) to develop the use of Global Navigation Satellite System (GNSS) data obtained from SLA&rsqu...

Baidu launches Apollo RT6; seeks expansion of its robotaxi fleet

Baidu launches Apollo RT6; seeks expansion of its robotaxi fleet

By Mateen Dalal

Baidu, a leading China-based artificial intelligence (AI) company and search engine, has reportedly uncovered its most recent electric autonomous driving vehicle. As per credible sources, the new vehicle, Apollo RT6, will be a part of the robotaxi...

ParTech launches PAR Infinity for improvised technological solutions

ParTech launches PAR Infinity for improvised technological solutions

By Mateen Dalal

ParTech, Inc. a leading international provider of combined commerce for enterprise restaurants, has reportedly declared the launch of PAR Infinity. As per sources, the subscription centric hardware offering integrates PAR’s purposely develop...