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/